§490:2A-407 - Irrevocable promises: finance leases.
§490:2A-407 Irrevocable promises: finance leases. (a) 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.
(b) A promise that has become irrevocable and independent under subsection (a):
(1) Is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and
(2) Is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.
(c) 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. [L 1991, c 40, pt of §1]
Case Notes
Acceptance of goods is a requirement for this section to apply; as plaintiff did not accept the photo processing machine, this section did not apply; plaintiff thus did not owe rental payments for the machine under this section. 104 H. 148 (App.), 85 P.3d 1099.