§2-1407. 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.
[PL 1991, c. 805, §4 (NEW).]
(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
[PL 1991, c. 805, §4 (NEW).]
(b).
Is not subject to cancellation, termination, modification, repudiation, excuse or substitution without the consent of the party to whom the promise runs.
[PL 1991, c. 805, §4 (NEW).]
[PL 1991, c. 805, §4 (NEW).]
(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.
[PL 1991, c. 805, §4 (NEW).]
SECTION HISTORY
PL 1991, c. 805, §4 (NEW).