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This entry was published on 2014-09-22
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SECTION 2-A-407
Irrevocable Promises: Finance Leases
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 2-A, PART 4
Section 2-A-407. Irrevocable Promises: Finance Leases.

(1) In the case of a finance lease that is not a consumer lease the
lessee's promises under the lease contract become irrevocable and
independent upon the lessee's acceptance of the goods.

(2) A promise that has become irrevocable and independent under
subsection (1):

(a) is effective and enforceable between the parties, and by or

against third parties including assignees of the parties; and

(b) is not subject to cancellation, termination, modification,

repudiation, excuse, or substitution without the consent of

the party to whom the promise runs.

(3) This section does not affect the validity under any other law of a
covenant in any lease contract making the lessee's promises irrevocable
and independent upon the lessee's acceptance of the goods.