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New York Uniform Commercial Code Law Section 1-208 - Option To Accelerate At Will.Legal Research Home > New York Lawyer > Uniform Commercial Code > New York Uniform Commercial Code Law Section 1-208 - Option To Accelerate At Will.
Section 1-208. Option to Accelerate at Will.
A term providing that one party or his successor in interest may
accelerate payment or performance or require collateral or additional
collateral "at will" or "when he deems himself insecure" or in words of
similar import shall be construed to mean that he shall have power to do
so only if he 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 whom the power has been exercised.
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Last modified: August 15, 2006 |