The Vermont Statutes Online
Uniform Commercial Code
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
(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.)
? Unkown level found in codeno
9A/2A-501level = u