680.1091 Option to accelerate at will.—
(1) A term providing that one party or the party’s successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or “when he or she deems himself or herself insecure” or in words of similar import must be construed to mean that he or she has power to do so only if he or she in good faith believes that the prospect of payment or performance is impaired.
(2) With respect to a consumer lease, the burden of establishing good faith under subsection (1) is on the party who exercised the power; otherwise, the burden of establishing lack of good faith is on the party against whom the power has been exercised.
History.—s. 1, ch. 90-278; s. 706, ch. 97-102.
Section: Previous 680.1011 680.1021 680.1031 680.1041 680.1051 680.1061 680.1071 680.1081 680.1091 680.1095 NextLast modified: September 23, 2016