Tex. Business & Commerce Code § 2A.407
This is the official text of Tex. Business & Commerce Code § 2A.407, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
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§ 2A.407.
Official statutory text
Sec. 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.
(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.
Status: in_force · Read it on the official government site
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