West Virginia Code 46-2A-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.
Terms Used In West Virginia Code 46-2A-407
- Contract: A legal written agreement that becomes binding when signed.
- Dependent: A person dependent for support upon another.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. See West Virginia Code 46-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See West Virginia Code 46-2A-103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See West Virginia Code 46-2A-103
(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.
(4) In the case of a consumer lease, the promises of each party are dependent on the promises of the other party or parties.