Section 2-A-109. Option to Accelerate at Will.\n (1) A term providing that one party or his or her successor in\ninterest may accelerate payment or performance or require collateral or\nadditional collateral "at will" or "when he or she deems himself or\nherself insecure" or in words of similar import must be construed to\nmean that he or she has power to do so only if he or she in good faith\nbelieves that the prospect of payment or performance is impaired.\n (2) With respect to a consumer lease, the burden of establishing good\nfaith under subsection (1) is on the party who exercised the power;\notherwise the burden of establishing lack of good faith is on the party\nagainst whom the power has been exercised.\n
N.Y. U.C.C. 2-a-109
Option to Accelerate at Will
2014-09-22
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.