§1-1309. Option to accelerate at will

Link to law: http://legislature.maine.gov/legis/statutes/11/title11sec1-1309.html
Published: 2015

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§1-1309. 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. [2009, c. 325, Pt. A, §2 (NEW); 2009, c. 325, Pt. A, §4 (AFF).]





SECTION HISTORY

2009, c. 325, Pt. A, §2 (NEW).
2009, c. 325, Pt. A, §4 (AFF).