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N.Y. UCC Law § 2-A-407

This is the official text of N.Y. UCC Law § 2-A-407, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.

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Irrevocable Promises: Finance Leases

Official statutory text

Section 2-A-407. Irrevocable Promises: Finance Leases.\n (1) In the case of a finance lease that is not a consumer lease the\nlessee's promises under the lease contract become irrevocable and\nindependent upon the lessee's acceptance of the goods.\n (2) A promise that has become irrevocable and independent under\nsubsection (1):\n (a) is effective and enforceable between the parties, and by or\n against third parties including assignees of the parties; and\n (b) is not subject to cancellation, termination, modification,\n repudiation, excuse, or substitution without the consent of\n the party to whom the promise runs.\n (3) This section does not affect the validity under any other law of a\ncovenant in any lease contract making the lessee's promises irrevocable\nand independent upon the lessee's acceptance of the goods.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.