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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 59.1. Trade and Commerce |
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CHAPTER 43. Uniform Computer Information Transactions Act |
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ARTICLE 5. Transfer of Interests and Rights |
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SECTION 59.1-505.9. Financing arrangements; obligations irrevocable |
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Unless the accommodated licensee is a consumer, a term in a financial accommodation contract providing that the accommodated licensee's obligations to the financier are irrevocable and independent is enforceable. The obligations become irrevocable and independent upon the licensee's acceptance of the license or the financier's giving of value, whichever occurs first. |