§ 4-2.5-407 — Irrevocable promises: Finance leases

Colorado § 4-2.5-407

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Leases

Text

(1) 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.

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

(a) Is effective and enforceable between the parties, by or 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 the party to whom the promise runs.

(3) 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.

Legislative History

Source: L. 91: Entire article added, p. 300, � 1, effective July 1, 1992.