A term providing that one party or the successor in interest of the party may accelerate payment or performance or require collateral or additional collateral “at will” or “when the party deems the party insecure” or in words of similar import shall be construed to mean that the party shall have power to do so only if the 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 whom the power has been exercised. [1961 c.726 §71.2080]
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Section: Previous 71.1030 71.1040 71.1050 71.1060 71.1070 71.1080 71.1090 71.2010 71.2020 71.2030 71.2040 71.2050 71.2060 71.2070 71.2080Last modified: August 7, 2008