Virginia § 8.2A-407 - Irrevocable promises: finance leases
Full text of Virginia Code of Virginia § 8.2A-407 — Irrevocable promises: finance leases, with citation guidance and answers to common questions.
§ 8.2A-407. Irrevocable promises: finance leases
(1) In the case of a finance lease that is not a consumer lease the lessee's promises under the lease contract become irrevocable and independent upon the lessee'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's promises acceptance of the goods.
1991, c. 536.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 8.2A-407
What does Code of Virginia § 8.2A-407 cover?
Section 8.2A-407 ("Irrevocable promises: finance leases") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 8.2A-407?
A common citation format is "Code of Virginia § 8.2A-407" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 8.2A-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.