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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XV REGULATION OF TRADE
  • CHAPTER 106 UNIFORM COMMERCIAL CODE
  • ARTICLE 1 GENERAL PROVISIONS
  • Section 1-309 Option To Accelerate At Will

[ Text of section added by 2013, 30, Sec. 2 effective July 1, 2013 applicable as provided by 2013, 30, Sec. 116.]

  Section 1-309. A term providing that 1 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.