§ 8.2A-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) of this section is:
a. Effective and enforceable between the parties, and by or against third parties including assignees of the parties; and
b. 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 or a covenant in any lease contract making the lessee’s promises acceptance of the goods.
History
This law was first created in 1991. The record of its establishment is cataloged in chapter 536 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. Unfortunately, the 1991 “Acts” aren’t available online.
1991, c. 536.