Sec. 208. A term providing that one party or his successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or "when he deems himself insecure" or in words of similar import shall be construed to mean that he shall have power to do so only if 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.
Ind. Code § 26-1-1-208
Option to accelerate at will
Known as the Uniform Commercial Code
The act spans §§ 26-1-1-0.2 to 26-1-9.1-902 (630 sections).
Applied in 2 court decisions — leading case Van Bibber v. Norris (1981)
Most recently applied in Fire Police City County Federal Credit Union v. Eagle (July 2002)
Formerly: Acts 1963, c.317, s.1-208.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.