70A-2a-407 - Irrevocable promises -- Finance leases.
70A-2a-407. Irrevocable promises -- Finance leases.
(1) In the case of a finance lease that is not a consumer lease, the lessee's promises underthe 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 partiesincluding assignees of the parties; and
(b) is not subject to cancellation, termination, modification, repudiation, excuse, orsubstitution 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 leasecontract making the lessee's promises irrevocable and independent upon the lessee's acceptance ofthe goods.
Amended by Chapter 237, 1993 General Session