Section 2-1407 - Irrevocable promises; finance leases(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. [1991, c. 805, §4(NEW).]
(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 [1991, c. 805, §4(NEW).](b). Is not subject to cancellation, termination, modification, repudiation, excuse or substitution without the consent of the party to whom the promise runs. [1991, c. 805, §4(NEW).] [1991, c. 805, §4(NEW).]
(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. [1991, c. 805, §4(NEW).]
1991, c. 805, § 4 (NEW) .