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Utah Code § 70A-2a-407

Irrevocable promises -- Finance leases

Applied in 1 court decision — leading case 472 F. Supp. 2d 1131 - Key Equipment Finance Inc. v. Pioneer Transportation, Ltd. (2007)

Most recently applied in 472 F. Supp. 2d 1131 - Key Equipment Finance Inc. v. Pioneer Transportation, Ltd. (January 2007)

Amended by Chapter 237, 1993 General Session

(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.

Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.