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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

002A

:
Leases











 

§

2A-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) of this

section:

(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. (Added 1993, No. 158 (Adj. Sess.), § 10, eff.

Jan. 1, 1995.)

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