104A.2407 Ā Irrevocable promises: Finance leases.

1. Ā In the case of a finance lease that is not a consumer lease the lesseeā€™s promises under the lease contract become irrevocable and independent upon the lesseeā€™s acceptance of the goods.

2. Ā 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. Ā This section does not affect the validity under any other law of a covenant in any lease contract making the lesseeā€™s promises irrevocable and not dependent upon his or her acceptance of the goods.

(Added to NRS by 1989, 358; A 1989, 721; 1991, 422)