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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 2A. · Article 2A. LEASES · Part 4. PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED AND EXCUSED

11-2A-407. Irrevocable promises: Finance leases.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (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. (2)

    A promise that has become irrevocable and independent under subsection (1):#

    1. (a)

      Is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and#

    2. (b)

      Is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.#

  3. (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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-2A-407, enacted by Ga. L. 1993, p. 633, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 305 to 306; merge action: carried; file SHA-256 ad397fccbf21.