2-A-407 - Irrevocable Promises: Finance Leases. - New-york Statutes

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Statutes > New-york > Ucc > Article-2-a > Part-4 > 2-a-407

Section 2-A-407. 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.    (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         (b) is  not  subject  to cancellation, termination, modification,             repudiation, excuse, or substitution 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 lease contract making the lessee's promises irrevocable  and independent upon the lessee's acceptance of the goods.

State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-4 > 2-a-407

Section 2-A-407. 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.    (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         (b) is  not  subject  to cancellation, termination, modification,             repudiation, excuse, or substitution 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 lease contract making the lessee's promises irrevocable  and independent upon the lessee's acceptance of the goods.

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State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-4 > 2-a-407

Section 2-A-407. 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.    (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         (b) is  not  subject  to cancellation, termination, modification,             repudiation, excuse, or substitution 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 lease contract making the lessee's promises irrevocable  and independent upon the lessee's acceptance of the goods.