(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: 2001 Act No. 67, Section 2.
Structure South Carolina Code of Laws
Chapter 2A - Commercial Code - Leases
Section 36-2A-101. Short title.
Section 36-2A-103. Definitions and index of definitions.
Section 36-2A-104. Leases subject to other law.
Section 36-2A-105. Territorial application of chapter to goods covered by certificate of title.
Section 36-2A-107. Waiver or renunciation of claim or right after default.
Section 36-2A-108. Unconscionability.
Section 36-2A-109. Option to accelerate at will.
Section 36-2A-201. Statute of frauds.
Section 36-2A-202. Final written expression: parol or extrinsic evidence.
Section 36-2A-203. Seals inoperative.
Section 36-2A-204. Formation in general.
Section 36-2A-205. Firm offers.
Section 36-2A-206. Offer and acceptance in formation of lease contract.
Section 36-2A-207. Repealed by 2014 Act No. 213, Section 46, eff October 1, 2014.
Section 36-2A-208. Modification, rescission and waiver.
Section 36-2A-209. Lessee under finance lease as beneficiary of supply contract.
Section 36-2A-210. Express warranties.
Section 36-2A-212. Implied warranty of merchantability.
Section 36-2A-213. Implied warranty of fitness for particular purpose.
Section 36-2A-214. Exclusion or modification of warranties.
Section 36-2A-215. Cumulation and conflict of warranties express or implied.
Section 36-2A-216. Third-party beneficiaries of express and implied warranties.
Section 36-2A-217. Identification.
Section 36-2A-218. Insurance and proceeds.
Section 36-2A-219. Risk of loss.
Section 36-2A-220. Effect of default on risk of loss.
Section 36-2A-221. Casualty to identified goods.
Section 36-2A-301. Enforceability of lease contract.
Section 36-2A-302. Title to and possession of goods.
Section 36-2A-304. Subsequent lease of goods by lessor.
Section 36-2A-305. Sale or sublease of goods by lessee.
Section 36-2A-306. Priority of certain liens arising by operation of law.
Section 36-2A-308. Special rights of creditors.
Section 36-2A-309. Lessor's and lessee's rights when goods become fixtures.
Section 36-2A-310. Lessor's and lessee's rights when goods become accessions.
Section 36-2A-311. Priority subject to subordination.
Section 36-2A-401. Insecurity: adequate assurance of performance.
Section 36-2A-402. Anticipatory repudiation.
Section 36-2A-403. Retraction of anticipatory repudiation.
Section 36-2A-404. Substituted performance.
Section 36-2A-405. Excused performance.
Section 36-2A-406. Procedure on excused performance.
Section 36-2A-407. Irrevocable promises: finance leases.
Section 36-2A-501. Default: procedure.
Section 36-2A-502. Notice after default.
Section 36-2A-503. Modification or impairment of rights and remedies.
Section 36-2A-504. Liquidation of damages.
Section 36-2A-506. Statute of limitations.
Section 36-2A-507. Proof of market rent: time and place.
Section 36-2A-508. Lessee's remedies.
Section 36-2A-509. Lessee's rights on improper delivery; rightful rejection.
Section 36-2A-510. Installment lease contracts: rejection and default.
Section 36-2A-511. Merchant lessee's duties as to rightfully rejected goods.
Section 36-2A-512. Lessee's duties as to rightfully rejected goods.
Section 36-2A-513. Cure by lessor of improper tender or delivery; replacement.
Section 36-2A-514. Waiver of lessee's objections.
Section 36-2A-515. Acceptance of goods.
Section 36-2A-517. Revocation of acceptance of goods.
Section 36-2A-518. Cover; substitute goods.
Section 36-2A-520. Lessee's incidental and consequential damages.
Section 36-2A-521. Lessee's right to specific performance or replevin.
Section 36-2A-522. Lessee's right to goods on lessor's insolvency.
Section 36-2A-523. Lessor ' s remedies.
Section 36-2A-524. Lessor ' s right to identify goods to lease contract.
Section 36-2A-525. Lessor ' s right to possession of goods.
Section 36-2A-526. Lessor ' s stoppage of delivery in transit or otherwise.
Section 36-2A-527. Lessor ' s rights to dispose of goods.
Section 36-2A-529. Lessor ' s action for the rent.
Section 36-2A-530. Lessor ' s incidental damages.
Section 36-2A-531. Standing to sue third parties for injury to goods.