400.2A-407. Irrevocable promises--finance leases. - Missouri Statutes

Irrevocable promises--finance leases.

400.2A-407. (1) In the case of a finance lease that is nota consumer lease the lessee's promises under the lease contractbecome irrevocable and independent upon the lessee's acceptanceof the goods.

(2) A promise that has become irrevocable and independentunder subsection (1):

(a) is effective and enforceable between the parties, andby or against third parties including assignees of the parties,and

(b) is not subject to cancellation, termination,modification, repudiation, excuse, or substitution without theconsent of the party to whom the promise runs.

(3) This section does not affect the validity under anyother law of a covenant in any lease contract making the lessee'spromises irrevocable and independent upon the lessee's acceptanceof the goods.

(L. 1992 S.B. 448)