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§ 59.1-505.9 Financing arrangements; obligations irrevocable

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.

History

This law was first created in 2000. The record of its establishment is cataloged in chapters 101 and 996 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.

2000, cc. 101, 996.

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