New York § 1-309 Option to Accelerate at Will

New York Statutes

§ 1-309 — Option to Accelerate at Will

New York·Law UCC Uniform Commercial Code·Part 3 Territorial Applicability and General Rules·Art. 1 No title

Section 1--309. Option to Accelerate at Will.\n  A term providing that one party or that party's successor in interest\nmay accelerate payment or performance or require collateral or\nadditional collateral "at will" or when the party "deems itself\ninsecure," or words of similar import, means that the party has power to\ndo so only if that party in good faith believes that the prospect of\npayment or performance is impaired. The burden of establishing lack of\ngood faith is on the party against which the power has been exercised.\n

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Section 1--309. Option to Accelerate at Will.\n A term providing that one party or that party's successor in interest\nmay accelerate payment or performance or require collateral or\nadditional collateral "at will" or when the party "deems itself\ninsecure," or words of similar import, means that the party has power to\ndo so only if that party in good faith believes that the prospect of\npayment or performance is impaired. The burden of establishing lack of\ngood faith is on the party against which the power has been exercised.\n

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