Section 2-A-109. Option to Accelerate at Will


Latest version.
  • (1)  A  term  providing  that  one  party  or  his or her successor in
      interest may accelerate payment or performance or require collateral  or
      additional  collateral  "at  will"  or  "when he or she deems himself or
      herself insecure" or in words of similar import  must  be  construed  to
      mean  that  he or she has power to do so only if he or she in good faith
      believes that the prospect of payment or performance is impaired.
        (2) With respect to a consumer lease, the burden of establishing  good
      faith  under  subsection  (1)  is  on the party who exercised the power;
      otherwise the burden of establishing lack of good faith is on the  party
      against whom the power has been exercised.