Current as of January 01, 2019 | Updated by FindLaw Staff
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(a) General rule.--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) Effect of irrevocable and independent promise.--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) Limitation on applicability of section.--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.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 13 Pa.C.S.A. Commercial Code § 2A407. Irrevocable promises: finance leases - last updated January 01, 2019 | https://codes.findlaw.com/pa/title-13-pacsa-commercial-code/pa-csa-sect-13-2a407.html
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