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A finance lease is considerably different from an ordinary lease in that it adds a third party, the equipment supplier or manufacturer. As noted by White and Summers, 'In effect, the finance lessee * * * is relying upon the manufacturer * * * to provide the promised goods and stand by its promises and warranties; the [lessee] does not look to the [lessor] for these. The [lessor] is only a finance lessor and deals largely in paper, rather than goods.' 1 White & Summers, Uniform Commercial Code (3 Ed.1988) 20.
One notorious feature of a finance lease is its typically noncancelable nature, which is specifically authorized by statute. R.C. 1310.46(A) provides 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.' The same statutory section also makes clear that the finance lease is 'not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom it runs.' R.C. 1310.46(B)(2).
Because of their noncancelable nature, finances leases enjoy somewhat of a reputation. The titles of law review articles ...
