Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
336.2A-407 IRREVOCABLE PROMISES; FINANCE LEASES.
(1) In the case of a finance 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.
History: 1989 c 232 art 1 s 2A-407; 1991 c 171 art 1 s 8
(1) In the case of a finance 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.
History: 1989 c 232 art 1 s 2A-407; 1991 c 171 art 1 s 8
Official Publication of the State of Minnesota
Revisor of Statutes