§ 6A-1-309 - Option to accelerate at will. - Rhode-island Statutes

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SECTION 6A-1-309

§ 6A-1-309 Option to accelerate at will.– A term providing that one party or that party's successor in interest mayaccelerate payment or performance or require collateral or additionalcollateral "at will" or when the party "deems itself insecure," or words ofsimilar import, means that the party has power to do so only if that party ingood 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 thepower has been exercised.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-1 > 6a-1-309

SECTION 6A-1-309

§ 6A-1-309 Option to accelerate at will.– A term providing that one party or that party's successor in interest mayaccelerate payment or performance or require collateral or additionalcollateral "at will" or when the party "deems itself insecure," or words ofsimilar import, means that the party has power to do so only if that party ingood 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 thepower has been exercised.

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State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-1 > 6a-1-309

SECTION 6A-1-309

§ 6A-1-309 Option to accelerate at will.– A term providing that one party or that party's successor in interest mayaccelerate payment or performance or require collateral or additionalcollateral "at will" or when the party "deems itself insecure," or words ofsimilar import, means that the party has power to do so only if that party ingood 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 thepower has been exercised.