10407
Effective Jul 15, 1991Amended by Stats. 1991, Ch. 111, Sec. 39. Effective July 15, 1991.
- (a) 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.
(b) A promise that has become irrevocable and independent under subdivision (a):
- (1) Is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and
- (2) Is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.
- (c) 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.