Alabama § 7-2A-407 - Irrevocable Promises: Finance Leases.
Full text of Alabama Code of Alabama § 7-2A-407 — Irrevocable Promises: Finance Leases., with citation guidance and answers to common questions.
§ 7-2A-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.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 7-2A-407
What does Code of Alabama § 7-2A-407 cover?
Section 7-2A-407 ("Irrevocable Promises: Finance Leases.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 7-2A-407?
A common citation format is "Code of Alabama § 7-2A-407" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 7-2A-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.