A term providing that one 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.
Tex. Bus. & Com. Code § 1.309
OPTION TO ACCELERATE AT WILL
Known as the Uniform Commercial Code
The act spans §§ 1–12 (616 sections).
Applied in 1 court decision — leading case Pliskin v. Radians Wareham Holding, Inc. (In re Icpw Liquidation Corp.) (2019)
Most recently applied in Pliskin v. Radians Wareham Holding, Inc. (In re Icpw Liquidation Corp.) (March 2019)
Added by Acts 2003, 78th Leg., ch. 542, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.