(a) General rule.-- 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. (b) Effect of irrevocable and independent promise.-- 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. (c) Limitation on applicability of section.-- 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. CHAPTER 2A5 DEFAULT Subchapter A. In General B. Default by Lessor C. Default by Lessee SUBCHAPTER A IN GENERAL Sec. 2A501. Default: procedure. 2A502. Notice after default. 2A503. Modification or impairment of rights and remedies. 2A504. Liquidation of damages. 2A505. Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies. 2A506. Statute of limitations. 2A507. Proof of market rent: time and place.
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