{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/59.1-505.9.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/59.1-505.9.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/59.1-505.9.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/59.1-505.9.html"}],"law_id":373285,"edition_id":2,"section_id":373285,"structure_id":53124,"section_number":"59.1-505.9","catch_line":"Financing arrangements; obligations irrevocable","history":"2000, cc. 101, 996.","full_text":"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.\n\n","order_by":null,"text":{"0":{"id":1392914,"text":"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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":53124,"edition_id":2,"name":"Transfer of Interests and Rights","identifier":"5","label":"article","depth":3,"order_by":5,"parent_id":53119,"metadata":{"child_laws":12,"child_structures":0},"date_created":"2026-08-02 03:11:15","date_modified":"2026-08-02 12:36:35","permalink":{"id":1489137,"object_type":"structure","relational_id":53124,"identifier":"5","token":"59.1\/43\/5","url":"\/59.1\/43\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53119,"edition_id":2,"name":"Uniform Computer Information Transactions Act","identifier":"43","label":"chapter","depth":2,"order_by":80,"parent_id":53010,"metadata":{"child_laws":121,"child_structures":9},"date_created":"2026-08-02 03:11:05","date_modified":"2026-08-02 12:36:34","permalink":{"id":1488887,"object_type":"structure","relational_id":53119,"identifier":"43","token":"59.1\/43","url":"\/59.1\/43\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53010,"edition_id":2,"name":"Trade and Commerce","identifier":"59.1","label":"title","depth":1,"order_by":127,"parent_id":null,"metadata":{"child_laws":861,"child_structures":141},"date_created":"2026-08-02 03:09:52","date_modified":"2026-08-02 12:36:19","permalink":{"id":1486523,"object_type":"structure","relational_id":53010,"identifier":"59.1","token":"59.1","url":"\/59.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":373274,"structure_id":53124,"section_number":"59.1-505.1","catch_line":"Ownership of informational rights","url":"\/59.1-505.1\/","token":"59.1\/43\/5\/59.1-505.1","metadata":false},{"id":373275,"structure_id":53124,"section_number":"59.1-505.10","catch_line":"Financing arrangements; remedies or enforcement","url":"\/59.1-505.10\/","token":"59.1\/43\/5\/59.1-505.10","metadata":false},{"id":373276,"structure_id":53124,"section_number":"59.1-505.11","catch_line":"Financing arrangements; effect on licensor's rights","url":"\/59.1-505.11\/","token":"59.1\/43\/5\/59.1-505.11","metadata":false},{"id":373277,"structure_id":53124,"section_number":"59.1-505.12","catch_line":"Reserved","url":"\/59.1-505.12\/","token":"59.1\/43\/5\/59.1-505.12","metadata":false},{"id":373278,"structure_id":53124,"section_number":"59.1-505.2","catch_line":"Title to copy","url":"\/59.1-505.2\/","token":"59.1\/43\/5\/59.1-505.2","metadata":false},{"id":373279,"structure_id":53124,"section_number":"59.1-505.3","catch_line":"Transfer of contractual interest","url":"\/59.1-505.3\/","token":"59.1\/43\/5\/59.1-505.3","metadata":false},{"id":373280,"structure_id":53124,"section_number":"59.1-505.4","catch_line":"Effect of transfer of contractual interest","url":"\/59.1-505.4\/","token":"59.1\/43\/5\/59.1-505.4","metadata":false},{"id":373281,"structure_id":53124,"section_number":"59.1-505.5","catch_line":"Performance by delegate; subcontract","url":"\/59.1-505.5\/","token":"59.1\/43\/5\/59.1-505.5","metadata":false},{"id":373282,"structure_id":53124,"section_number":"59.1-505.6","catch_line":"Transfer by licensee","url":"\/59.1-505.6\/","token":"59.1\/43\/5\/59.1-505.6","metadata":false},{"id":373283,"structure_id":53124,"section_number":"59.1-505.7","catch_line":"Financing if financier does not become licensee","url":"\/59.1-505.7\/","token":"59.1\/43\/5\/59.1-505.7","metadata":false},{"id":373284,"structure_id":53124,"section_number":"59.1-505.8","catch_line":"Finance licenses","url":"\/59.1-505.8\/","token":"59.1\/43\/5\/59.1-505.8","metadata":false},{"id":373285,"structure_id":53124,"section_number":"59.1-505.9","catch_line":"Financing arrangements; obligations irrevocable","url":"\/59.1-505.9\/","token":"59.1\/43\/5\/59.1-505.9","metadata":false}],"previous_section":{"id":373284,"structure_id":53124,"section_number":"59.1-505.8","catch_line":"Finance licenses","url":"\/59.1-505.8\/","token":"59.1\/43\/5\/59.1-505.8","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/59.1-505.9\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapters 101<\/a> and 996<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1489183,"object_type":"law","relational_id":373285,"identifier":"59.1-505.9","token":"59.1\/43\/5\/59.1-505.9","url":"\/59.1-505.9\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/59.1-505.9\/","token":"59.1\/43\/5\/59.1-505.9","dublin_core":{"Title":"Financing arrangements; obligations irrevocable","Type":"Text","Format":"text\/html","Identifier":"\u00a7 59.1-505.9","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Unless the accommodated licensee is a consumer, a term in a financial accommodation contract<\/span> 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.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFINANCING ARRANGEMENTS; OBLIGATIONS IRREVOCABLE (\u00a7 59.1-505.9)\n\nUnless the accommodated licensee is a consumer, a term in a financial\naccommodation contract providing that the accommodated licensee’s\nobligations to the financier are irrevocable and independent is enforceable. The\nobligations become irrevocable and independent upon the licensee’s\nacceptance of the license or the financier’s giving of value, whichever\noccurs first.\n\nHISTORY: 2000, cc. 101, 996.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}