(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.
Structure New York Laws
Part 4 - Performance of Lease Contract: Repudiated, Substituted and Excused
2-A-401 - Insecurity: Adequate Assurance of Performance.
2-A-402 - Anticipatory Repudiation.
2-A-403 - Retraction of Anticipatory Repudiation.
2-A-404 - Substituted Performance.
2-A-405 - Excused Performance.