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.
Structure Maryland Statutes
Title 22 - Maryland Uniform Computer Information Transactions Act
Subtitle 5 - Transfer of Interests and Rights; Ownership and Transfers; Financing Arrangements
Section 22-501 - Ownership of Informational Rights
Section 22-502 - Title to Copy
Section 22-503 - Transfer of Contractual Interest
Section 22-504 - Effect of Transfer of Contractual Interest
Section 22-505 - Performance by Delegate; Subcontract
Section 22-506 - Transfer of Transferee's Interest by Licensee
Section 22-507 - Financing if Financier Does Not Become Licensee
Section 22-508 - Finance Licenses
Section 22-509 - Financing Arrangements: Obligations Irrevocable
Section 22-510 - Financing Arrangements: Remedies or Enforcement
Section 22-511 - Financing Arrangements: Effect on Licensor's Rights