{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.2A-407.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.2A-407.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.2A-407.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.2A-407.html"}],"law_id":56364,"edition_id":1,"section_id":56364,"structure_id":14708,"section_number":"8.2A-407","catch_line":"Irrevocable promises: finance leases","history":"1991, c. 536.","full_text":"1\n\nIn 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\n\nA promise that has become irrevocable and independent under subsection (1) of this section is:a\n\nEffective and enforceable between the parties, and by or against third parties including assignees of the parties; andb\n\nNot subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.3\n\nThis 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.","order_by":null,"text":{"0":{"id":206396,"text":"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.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"next_prefix":"2"},"1":{"id":206397,"text":"A promise that has become irrevocable and independent under subsection (1) of this section is:","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"2a"},"2":{"id":206398,"text":"Effective and enforceable between the parties, and by or against third parties including assignees of the parties; and","type":"section","prefixes":["2","a"],"prefix":"a","entire_prefix":"2a","prefix_anchor":"2a","level":2,"prior_prefix":"2","next_prefix":"2b"},"3":{"id":206399,"text":"Not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.","type":"section","prefixes":["2","b"],"prefix":"b","entire_prefix":"2b","prefix_anchor":"2b","level":2,"prior_prefix":"2a","next_prefix":"3"},"4":{"id":206400,"text":"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.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2b"}},"ancestry":[{"id":14708,"edition_id":1,"name":"Performance of Lease Contract; Repudiated, Substituted and Excused","identifier":"4","label":"part","depth":2,"order_by":1,"parent_id":12736,"metadata":{},"date_created":"2026-06-26 03:49:26","date_modified":"2026-06-26 03:49:26","permalink":{"id":282539,"object_type":"structure","relational_id":14708,"identifier":"4","token":"8.2A\/4","url":"\/8.2A\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12736,"edition_id":1,"name":"Commercial Code \u2014 Leases","identifier":"8.2A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":282367,"object_type":"structure","relational_id":12736,"identifier":"8.2A","token":"8.2A","url":"\/8.2A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78858,"structure_id":14708,"section_number":"8.2A-401","catch_line":"Insecurity: adequate assurance of performance","url":"\/8.2A-401\/","token":"8.2A\/4\/8.2A-401","metadata":false},{"id":76228,"structure_id":14708,"section_number":"8.2A-402","catch_line":"Anticipatory repudiation","url":"\/8.2A-402\/","token":"8.2A\/4\/8.2A-402","metadata":false},{"id":66265,"structure_id":14708,"section_number":"8.2A-403","catch_line":"Retraction of anticipatory repudiation","url":"\/8.2A-403\/","token":"8.2A\/4\/8.2A-403","metadata":false},{"id":76466,"structure_id":14708,"section_number":"8.2A-404","catch_line":"Substituted performance","url":"\/8.2A-404\/","token":"8.2A\/4\/8.2A-404","metadata":false},{"id":80718,"structure_id":14708,"section_number":"8.2A-405","catch_line":"Excused performance","url":"\/8.2A-405\/","token":"8.2A\/4\/8.2A-405","metadata":false},{"id":65599,"structure_id":14708,"section_number":"8.2A-406","catch_line":"Procedure on excused performance","url":"\/8.2A-406\/","token":"8.2A\/4\/8.2A-406","metadata":false},{"id":56364,"structure_id":14708,"section_number":"8.2A-407","catch_line":"Irrevocable promises: finance leases","url":"\/8.2A-407\/","token":"8.2A\/4\/8.2A-407","metadata":false}],"previous_section":{"id":65599,"structure_id":14708,"section_number":"8.2A-406","catch_line":"Procedure on excused performance","url":"\/8.2A-406\/","token":"8.2A\/4\/8.2A-406","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.2A-407\/","history_text":"

This law was first created in 1991. The record of its establishment is cataloged in chapter 536 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1991 \u201cActs\u201d aren\u2019t available online.<\/p>","references":[{"id":71307,"section_number":"8.2A-102","catch_line":"Scope","order_by":null,"url":"\/8.2A-102\/"},{"id":62750,"section_number":"8.2A-508","catch_line":"Lessee's remedies","order_by":null,"url":"\/8.2A-508\/"}],"refers_to":false,"permalink":{"id":282565,"object_type":"law","relational_id":56364,"identifier":"8.2A-407","token":"8.2A\/4\/8.2A-407","url":"\/8.2A-407\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.2A-407\/","token":"8.2A\/4\/8.2A-407","dublin_core":{"Title":"Irrevocable promises: finance leases","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.2A-407","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

1.<\/span> In the case of a finance lease that is not a consumer lease the lessee’s promises under the lease contract<\/span> become irrevocable and independent upon the lessee’s acceptance of the goods. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A promise that has become irrevocable and independent under subsection (1) of this section is: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

a.<\/span> Effective and enforceable between the parties, and by or against third parties including assignees of the parties; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party<\/span> to whom the promise runs. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> This section does not affect the validity under any other law<\/span> or a covenant in any lease contract<\/span> making the lessee’s promises acceptance of the goods. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nIRREVOCABLE PROMISES: FINANCE LEASES (\u00a7 8.2A-407)\n\n1. In the case of a finance lease that is not a consumer lease the\nlessee’s promises under the lease contract become irrevocable and\nindependent upon the lessee’s acceptance of the goods.\n\n2. A promise that has become irrevocable and independent under subsection (1) of\nthis section is:\n\n a. Effective and enforceable between the parties, and by or against third\n parties including assignees of the parties; and\n\n b. Not subject to cancellation, termination, modification, repudiation,\n excuse, or substitution without the consent of the party to whom the promise\n runs.\n\n3. This section does not affect the validity under any other law or a covenant\nin any lease contract making the lessee’s promises acceptance of the\ngoods.\n\nHISTORY: 1991, c. 536.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}