Part 3. Territorial Applicability and General Rules
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 in 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.
Renumbered from § 1301.14 and amended by 129th General AssemblyFile No.9, HB 9, §1, eff. 6/29/2011.
Section: Previous 1301.205 1301.206 1301.301 1301.302 1301.303 1301.304 1301.305 1301.306 1301.307 1301.308 1301.309 1301.310 1301.311 1301.401 NextLast modified: October 10, 2016