Iowa Code § 554.13407
Irrevocable promises — finance leases
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
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.
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:
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
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.
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.
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.
94 Acts, ch 1052, §52
94 Acts, ch 1052, §52
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.