Iowa Code » Chapter 554 — UNIFORM COMMERCIAL CODE
Iowa Code

Iowa Code § 554.13407 (2026)

Irrevocable promises — finance leases

✓ Iowa Code 2026 (laws through the 2025 session)
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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. 94 Acts, ch 1052, §52 Referred to in §554.13102, 554.13508\n\nTue Dec 09 22:02:43 2025 Iowa Code 2026, Chapter 554 (108, 4) 263 UNIFORM COMMERCIAL CODE, §554.13504\n\n PART 5 DEFAULT\n\n SUBPART A IN GENERAL \n

Notes of Decisions
Cited in 3 cases (1 in the last 5 years), 2003–2021 · leading case: GreatAmerica Leasing Corp. v. Star Photo Lab, Inc., 672 N.W.2d 502 (Iowa Ct. App. 2003).
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GreatAmerica Leasing Corp. v. Star Photo Lab, Inc., 672 N.W.2d 502 (Iowa Ct. App. 2003). · cites it 20× “See Iowa Code Ann. § 554.13407 , emt 1. (stating the hell or high water protection given to finance leases is “self-executing” and “no special provision need be added to the contract.”
C & J Vantage Leasing Co. v. Thomas Wolfe, 795 N.W.2d 65 (Iowa 2011). · cites it 2× “Gough, Equipment Leasing-Leveraged Leasing § 3:1.10, at 3-26 (4th ed.”
GreatAmerica Fin. Servs. Corp. v. Natalya Rodionova Med. Care, P.C., 956 N.W.2d 148 (Iowa 2021). · cites it 2× “See Iowa Code § 554.13407 . The hell or high water provision in the GreatAmerica finance agreement take effect upon acceptance of the goods.”
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