§2386. Option to accelerate at will

Link to law: http://legislature.vermont.gov/statutes/section/09/060/02386
Published: 2015

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The Vermont Statutes Online



Title

09

:
Commerce and Trade






Chapter

060

:
AGRICULTURAL FINANCE LEASES











 

§

2386. Option to accelerate at will

Any term of an

agricultural finance lease providing that a party or a successor in interest

may accelerate payment or performance, or require collateral or additional

collateral "at will" or "when he or she deems himself or herself

insecure," or in words of similar import, shall be construed to mean that

the party may do so only if he or she in good faith believes that the prospect

of payment or performance is impaired. The burden of establishing good faith shall

be on the party who exercised the power. (Added 1989, No. 284 (Adj. Sess.), §

1; amended 2011, No. 136 (Adj. Sess.), § 1, eff. May 18, 2012.)
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