A term providing that one (1) party or that party's successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or when the party “deems itself insecure”, or words of similar import, means that the party has power to do so only if that party 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 which the power has been exercised.
Tenn. Code Ann. § 47-1-309
Option to accelerate at will
Applied in 1 court decision — leading case Regions Bank v. Thomas D. Thomas (2013)
Most recently applied in Regions Bank v. Thomas D. Thomas (March 2013)
Acts 2008, ch. 930, § 1.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.