Cal. Com. Code § 10407

Performance of Leased Contract: Repudiated, Substituted, and Excused

Known as the Uniform Commercial Code

The act spans §§ 1101–12107 (623 sections).

Applied in 1 court decision — leading case 2003 Conn. Super. Ct. 1629 - Tbf Financial, LLC v. Grassilli, No. Cv 01-0805809 (Jan. 29, 2003) (2003)

Most recently applied in 2003 Conn. Super. Ct. 1629 - Tbf Financial, LLC v. Grassilli, No. Cv 01-0805809 (Jan. 29, 2003) (January 2003)

Amended by Stats. 1991, Ch. 111, Sec. 39

(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 subdivision (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.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.