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Illinois Compiled Statutes

810 ILCS 5/2A-407 (2026)

Irrevocable promises; finance leases

✓ current as of May 2026
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(810 ILCS 5/2A-407) (from Ch. 26, par. 2A-407)
    Sec. 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: P.A. 87-493.)


 
    (810 ILCS 5/Art. 2A Pt. 5 heading)
PART 5. DEFAULT


 
    (810 ILCS 5/Art. 2A Pt. 5 Sub. A heading)
A. In General

    
Notes of Decisions
Cited in 1 case, 2008–2008 · leading case: People v. Siemens Bldg. Tech. (Ill. App. Ct. 2008).
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People v. Siemens Bldg. Tech. (Ill. App. Ct. 2008). · cites it 2× “See 810 ILCS 5/2A-407 (West 2006) (specifically sanctioning “hell or high water” clauses in finance leases); see also O.”
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