Illinois § 1-309 Option to accelerate at will

Illinois Statutes

§ 1-309 — Option to accelerate at will

Illinois § 1-309

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 810COMMERCIAL CODE

Act 810 ILCS 5/Uniform Commercial Code.

Art.Article 1 - General Provisions

This text of Illinois § 1-309 (Option to accelerate at will) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

810 Ill. Comp. Stat. 1-309 (2026).

Text

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.

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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.