§ 6A-2.1-407 - Irrevocable promises: Finance leases. - Rhode Island Statutes

SECTION 6A-2.1-407

   § 6A-2.1-407  Irrevocable promises: Financeleases. – (1) In the case of a finance lease that is not a consumer lease the lessee'spromises under the lease contract become irrevocable and independent upon thelessee's acceptance of the goods.

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

   (a) Is effective and enforceable between the parties, and byor 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 theparty to whom the promise runs.

   (3) This section does not affect the validity under any otherlaw of a covenant in any lease contract making the lessee's promisesirrevocable and independent upon the lessee's acceptance of the goods.