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N.Y. U.C.C. 1-309

Option to Accelerate at Will

Known as the Uniform Commercial Code

The act spans §§ 1–12 (253 sections).

2014-12-26

Section 1--309. Option to Accelerate at Will.\n A term providing that one party or that party's successor in interest\nmay accelerate payment or performance or require collateral or\nadditional collateral "at will" or when the party "deems itself\ninsecure," or words of similar import, means that the party has power to\ndo so only if that party in good faith believes that the prospect of\npayment or performance is impaired. The burden of establishing lack of\ngood faith is on the party against which the power has been exercised.\n

Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.