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Nevada Revised Statutes (Last Updated: December 24, 2014) |
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TITLE8 COMMERCIAL INSTRUMENTS AND TRANSACTIONS |
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CHAPTER104A. Uniform Commercial Code—Additional Articles |
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ARTICLE2A. LEASES |
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PART4. Performance of Lease Contract: Repudiated, Substituted and Excused |
NRS104A.2407. Irrevocable promises: Finance leases.
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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 not dependent upon his or her acceptance of the goods.