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Tex. Bus. & Com. Code § 2A.407

IRREVOCABLE PROMISES: FINANCE LEASES

Known as the Uniform Commercial Code

The act spans §§ 1–12 (616 sections).

Applied in 2 court decisions — leading case Fieldtech Avionics & Instruments, Inc. v. Component Control. Com, Inc. (2008)

Most recently applied in Fieldtech Avionics & Instruments, Inc. v. Component Control. Com, Inc. (August 2008)

Added by Acts 1993, 73rd Leg., ch. 570, Sec. 1, eff

(a) In the case of a finance lease that is not a consumer lease, a term in the lease agreement that provides that the lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods is enforceable.

(b) 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.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.