Unless the accommodated licensee is a consumer, a term in a financial accommodation contract providing that the accommodated licensee's obligations to the financier are irrevocable and independent is enforceable. The obligations become irrevocable and independent upon the licensee's acceptance of the license or the financier's giving of value, whichever occurs first.
Va. Code Ann. § 59.1-505.9
Financing arrangements; obligations irrevocable
Known as the Uniform Computer Information Transactions Act
The act spans §§ 59.1-501.1 to 59.1-509.2 (121 sections).
2000, cc. 101, 996.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.