59.1-505.9 - Financing arrangements; obligations irrevocable. - Virginia Statutes

§ 59.1-505.9. Financing arrangements; obligations irrevocable.

Unless the accommodated licensee is a consumer, a term in a financialaccommodation contract providing that the accommodated licensee's obligationsto the financier are irrevocable and independent is enforceable. Theobligations become irrevocable and independent upon the licensee's acceptanceof the license or the financier's giving of value, whichever occurs first.

(2000, cc. 101, 996.)