                                 CODE OF VIRGINIA

IRREVOCABLE PROMISES: FINANCE LEASES (§ 8.2A-407)

1. In the case of a finance lease that is not a consumer lease the
lessee&#8217;s promises under the lease contract become irrevocable and
independent upon the lessee&#8217;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&#8217;s promises acceptance of the
goods.

HISTORY: 1991, c. 536.