47-2A109. Option to accelerate at will
A. 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 must be construed to mean that he has power to do so only if he in good faith believes that the prospect of payment or performance is impaired.
B. With respect to a consumer lease, the burden of establishing good faith under subsection A 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.
Section: Previous 47-2a102 47-2a103 47-2a104 47-2a105 47-2a106 47-2a107 47-2a108 47-2a109 47-2a201 47-2a202 47-2a203 47-2a204 47-2a205 47-2a206 47-2a208 NextLast modified: October 13, 2016