Pennsylvania § 2A407 Irrevocable promises: finance leases

Pennsylvania Statutes

§ 2A407 — Irrevocable promises: finance leases

Pennsylvania § 2A407

Title 13COMMERCIAL CODE

Ch. 2A4PERFORMANCE OF LEASE CONTRACT: REPUDIATED,

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

Bluebook

13 Pa. Cons. Stat. § 2A407 (2026).

Text

(a)General rule.--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)Effect of irrevocable and independent promise.--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)Limitation on applicability of section.--This section does not affect the validity under any other law of a covenant in any lease contract making the lessee's promises irrevoc

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(a) General rule.--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) Effect of irrevocable and independent promise.--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) Limitation on applicability of section.--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.