North Dakota Statutes
§ 41-01-23 — (1-309) Option to accelerate at will
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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North Dakota § 41-01-23 ((1-309) Option to accelerate at will) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ 41-01-01
(1-101) Short titles§ 41-01-02
(1-102) Scope of chapter§ 41-01-05
(1-105) Severability§ 41-01-07
(1-107) Section captions§ 41-01-09
(1-201) General definitions§ 41-01-10
(1-202) Notice - Knowledge§ 41-01-12
(1-204) Value§ 41-01-13
(1-205) Reasonable time - Seasonableness§ 41-01-14
(1-206) Presumptions