North Carolina § 25-2A-407 - Irrevocable promises: finance leases.
Full text of North Carolina North Carolina General Statutes § 25-2A-407 — Irrevocable promises: finance leases., with citation guidance and answers to common questions.
§ 25-2A-407. Irrevocable promises: finance leases.
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. A promise that has become irrevocable and independent under subsection (1) of this section: is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs. 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. History (1993, c. 463, s. 1.)
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 25-2A-407
What does North Carolina General Statutes § 25-2A-407 cover?
Section 25-2A-407 ("Irrevocable promises: finance leases.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. 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 North Carolina § 25-2A-407?
A common citation format is "North Carolina General Statutes § 25-2A-407" (North Carolina). 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 North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 25-2A-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina 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 North Carolina.