§ 25-2A-407. Irrevocable promises: finance leases. - North Carolina Statutes

§25‑2A‑407.  Irrevocable promises: finance leases.

(1)        In the case of afinance lease that is not a consumer lease, the lessee's promises under thelease contract become irrevocable and independent upon the lessee's acceptanceof the goods.

(2)        A promise that hasbecome irrevocable and independent under subsection (1) of this section:

(a)        is effective andenforceable between the parties, and by or against third parties includingassignees of the parties; and

(b)        is not subject tocancellation, termination, modification, repudiation, excuse, or substitutionwithout the consent of the party to whom the promise runs.

(3)        This section doesnot affect the validity under any other law of a covenant in any lease contractmaking the lessee's promises irrevocable and independent upon the lessee'sacceptance of the goods. (1993, c. 463, s. 1.)