New Jersey § 12A:2A-407 Irrevocable promises:  finance leases

New Jersey Statutes

§ 12A:2A-407 — Irrevocable promises: finance leases

New Jersey § 12A:2A-407

Title 12ACOMMERCIAL TRANSACTIONS

This text of New Jersey § 12A:2A-407 (Irrevocable promises: finance leases) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 12A:2A-407 (2026).

Text

12A:2A-407. Irrevocable promises: finance leases.

(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 g

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12A:2A-407. Irrevocable promises: finance leases. (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. L.1994,c.114,s.1.