A term providing that one party or the party’s successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or “when she or he deems herself or himself insecure” or in words of similar import must be construed to mean that she or he has power to do so only if she or he 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.
Fla. Stat. § 671.208
Option to accelerate at will
Applied in 1 court decision — leading case 516 F. App'x 742 - Exim Brickell LLC v. PDVSA Services Inc. (2013)
Most recently applied in 516 F. App'x 742 - Exim Brickell LLC v. PDVSA Services Inc. (April 2013)
History.--s. 1, ch. 65-254; s. 555, ch. 97-102; s. 14, ch. 2007-134
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.