§1-309. Option to accelerate at will

Link to law: http://legislature.vermont.gov/statutes/section/09A/001/00309
Published: 2015

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The Vermont Statutes Online



Uniform Commercial Code



General Provisions



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 2007, No. 99 (Adj. Sess.), § 2.)