Illinois Statutes
§ 1-309 — Option to accelerate at will
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 1 - General Provisions
A term providing that one party or that party's successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or when the party "deems itself insecure", or words of similar import, means that the party has power to do so only if that party in good faith believes that the prospect of payment or performance is impaired. The burden of establishing lack of good faith is on the party against which the power has been exercised.
Free access — add to your briefcase to read the full text and ask questions with AI
Illinois § 1-309 (Option to accelerate at will) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: P.A. 95-895, eff. 1-1-09.)
Nearby Sections
15
§ 1-101
Short Titles§ 1-102
Scope of Article§ 1-103
§ 1-103§ 1-104a
Legislative Intent§ 1-105
Severability§ 1-107
Section captions§ 1-108
§ 1-108§ 1-109
(Blank)§ 1-201
General definitions§ 1-202
Notice; knowledge§ 1-204
Value