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§ 2A-407. Irrevocable Promises; Finance Leases

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 2a. Leases (Refs & Annos)
12A Okl.St.Ann. § 2A-407
§ 2A-407. Irrevocable Promises; Finance Leases
Currentness
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.

Credits

Laws 1988, c. 86, § 47, eff. Nov. 1, 1988; Laws 1991, c. 117, § 11, eff. Jan. 1, 1992.
12A Okl. St. Ann. § 2A-407, OK ST T. 12A § 2A-407
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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