N.Y. Uniform Commercial Code Law § 2-a-407: Irrevocable Promises: Finance Leases

Section 2-A-407. 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 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.