8.2A-407 - A-407. Irrevocable promises: finance leases. - Virginia Statutes

§ 8.2A-407. Irrevocable promises: finance leases.

(1) In the case of a finance lease that is not a consumer lease the lessee'spromises under the lease contract become irrevocable and independent upon thelessee'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 thirdparties 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 promiseruns.

(3) This section does not affect the validity under any other law or acovenant in any lease contract making the lessee's promises acceptance of thegoods.

(1991, c. 536.)