                                 CODE OF VIRGINIA

FINANCING ARRANGEMENTS; OBLIGATIONS IRREVOCABLE (§ 59.1-505.9)

Unless the accommodated licensee is a consumer, a term in a financial
accommodation contract providing that the accommodated licensee&#8217;s
obligations to the financier are irrevocable and independent is enforceable. The
obligations become irrevocable and independent upon the licensee&#8217;s
acceptance of the license or the financier&#8217;s giving of value, whichever
occurs first.

HISTORY: 2000, cc. 101, 996.