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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>56364</law_id><section_number>8.2A-407</section_number><catch_line>Irrevocable promises: finance leases</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>8.2A-102</reference><reference>8.2A-508</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="8.2A">Commercial Code &#x2014; Leases</unit><unit label="part" level="2" order_by="1" identifier="4">Performance of Lease Contract; Repudiated, Substituted and Excused</unit></structure><text>
						<section id="1"><p><span class="prefix-number">1.</span> In the case of a finance lease that is not a consumer lease the lessee&#x2019;s promises under the lease <span class="dictionary">contract</span> become irrevocable and independent upon the lessee&#x2019;s acceptance of the goods. <a id="paragraph-206396" class="section-permalink" href="https://vacode.org/8.2A-407/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> A promise that has become irrevocable and independent under subsection (1) of this section is: <a id="paragraph-206397" class="section-permalink" href="https://vacode.org/8.2A-407/#2"><i class="fa fa-link"/></a></p></section>
						<section id="2a" class="indent-1"><p><span class="prefix-number">a.</span> Effective and enforceable between the parties, and by or against third parties including assignees of the parties; and <a id="paragraph-206398" class="section-permalink" href="https://vacode.org/8.2A-407/#2a"><i class="fa fa-link"/></a></p></section>
						<section id="2b" class="indent-1"><p><span class="prefix-number">b.</span> Not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the <span class="dictionary">party</span> to whom the promise runs. <a id="paragraph-206399" class="section-permalink" href="https://vacode.org/8.2A-407/#2b"><i class="fa fa-link"/></a></p></section>
						<section id="3"><p><span class="prefix-number">3.</span> This section does not affect the validity under any other <span class="dictionary">law</span> or a covenant in any lease <span class="dictionary">contract</span> making the lessee&#x2019;s promises acceptance of the goods. <a id="paragraph-206400" class="section-permalink" href="https://vacode.org/8.2A-407/#3"><i class="fa fa-link"/></a></p></section></text><history>1991, c. 536.</history><metadata></metadata></law>
