§ 6A-2.1-407. 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.
History of Section.P.L. 1991, ch. 305, § 1.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Part 4 - Performance of Lease Contract: Repudiated, Substituted, and Excused
Section 6A-2.1-401. - Insecurity: Adequate assurance of performance.
Section 6A-2.1-402. - Anticipatory repudiation.
Section 6A-2.1-403. - Retraction of anticipatory repudiation.
Section 6A-2.1-404. - Substituted performance.
Section 6A-2.1-405. - Excused performance.