Arizona § 47-2A407 Irrevocable promises; finance leases

Arizona Statutes

§ 47-2A407 — Irrevocable promises; finance leases

Arizona § 47-2A407

Title 47Arizona Revised Statutes

Ch. 2ALEASES

Art. 4Performance of Lease Contract Repudiated, Substituted and Excused

This text of Arizona § 47-2A407 (Irrevocable promises; finance leases) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 47-2A407 (2026).

Text

A.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.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.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.

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A. 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. 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. 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.