Section 2A.407 - Irrevocable Promises: Finance Leases(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.Tex. Bus. and Comm. Code § 2A.407
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 1, eff. 9/1/1993.