Virginia § 59.1-505.7 Financing if financier does not become licensee

Virginia Statutes

§ 59.1-505.7 — Financing if financier does not become licensee

Virginia § 59.1-505.7

Title 59.1TRADE AND COMMERCE

Ch. 43UNIFORM COMPUTER INFORMATION TRANSACTIONS ACT

Art. 5TRANSFER OF INTERESTS AND RIGHTS

This text of Virginia § 59.1-505.7 (Financing if financier does not become licensee) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 59.1-505.7 (2026).

Text

If a financier does not become a licensee in connection with its financial accommodation contract, the following rules apply:

(1)The financier does not receive the benefits or burdens of the license.

(2)The licensee's rights and obligations with respect to the information and informational rights are governed by:

(A)the license;

(B)any rights of the licensor under other law; and

(C)to the extent not inconsistent with subparagraphs (A) and (B), any financial accommodation contract between the financier and the licensee, which may add additional conditions to the licensee's right to use the licensed information or informational rights.

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If a financier does not become a licensee in connection with its financial accommodation contract, the following rules apply:

(1) The financier does not receive the benefits or burdens of the license.

(2) The licensee's rights and obligations with respect to the information and informational rights are governed by:

(A) the license;

(B) any rights of the licensor under other law; and

(C) to the extent not inconsistent with subparagraphs (A) and (B), any financial accommodation contract between the financier and the licensee, which may add additional conditions to the licensee's right to use the licensed information or informational rights.