Texas Business & Commerce Code - Section 1.309. Option To Accelerate At Will

Legal Research Home > Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 1.309. Option To Accelerate At Will

§ 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.

Added by Acts 2003, 78th Leg., ch. 542, § 1, eff. Sept. 1, 2003.           

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Last modified: August 10, 2007