554.13407 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 thegoods. 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’sacceptance of the goods. 94 Acts, ch 1052, §52Referred to in §554.13508 Sat Dec 23 11:03:24 2023 Iowa Code 2024, Section 554.13407 (24, 0)
Iowa Legal Code