2006 Code of Virginia § 59.1-505.7 - Financing if financier does not become licensee

59.1-505.7. Financing if financier does not become licensee.

If a financier does not become a licensee in connection with its financialaccommodation 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 andinformational 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), anyfinancial accommodation contract between the financier and the licensee,which may add additional conditions to the licensee's right to use thelicensed information or informational rights.

(2000, cc. 101, 996.)