(810 ILCS 5/2A-407)
(from Ch. 26, par. 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
(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: P.A. 87-493.)