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§ 2A407. Irrevocable promises: finance leases

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 2a. Leases (Refs & Annos)
Chapter 2A4. Performance of Lease Contract: Repudiated, Substituted and Excused
13 Pa.C.S.A. § 2A407
§ 2A407. Irrevocable promises: finance leases
Currentness
(a) General rule.--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) Effect of irrevocable and independent promise.--A promise that has become irrevocable and independent under subsection (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) Limitation on applicability of section.--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

1992, July 9, P.L. 507, No. 97, § 3, effective in one year.
13 Pa.C.S.A. § 2A407, PA ST 13 Pa.C.S.A. § 2A407
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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