Indiana Statutes
§ 26-1-2.1-407 — Irrevocable promises; finance leases
Indiana § 26-1-2.1-407
This text of Indiana § 26-1-2.1-407 (Irrevocable promises; finance leases) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ind. Code § 26-1-2.1-407 (2026).
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):
(a)is effective and enforceable between the parties, and 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.
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Legislative History
As added by P.L.189-1991, SEC.3.
Nearby Sections
15
§ 26-1-1-0.3
Certain security interests considered perfected§ 26-1-1-0.5
Status of certain security interests; conditions; lapsing of perfection;
filing of financing statements§ 26-1-1-101
Short title; application§ 26-1-1-104
Construction against implicit repeal§ 26-1-1-105
Repealed§ 26-1-1-106
Remedies to be liberally administered§ 26-1-1-108
SeverabilityCite This Page — Counsel Stack
Bluebook (online)
Indiana § 26-1-2.1-407, Counsel Stack Legal Research, https://law.counselstack.com/statute/in/26-1-2.1-407.