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§ 1-309. Option to accelerate at will

West's Annotated Code of MarylandCommercial LawEffective: June 1, 2012

West's Annotated Code of Maryland
Commercial Law
Title 1. General Provisions (Refs & Annos)
Subtitle 3. Territorial Applicability and Applicable Law (Refs & Annos)
Effective: June 1, 2012
MD Code, Commercial Law, § 1-309
§ 1-309. Option to accelerate at will
Currentness
(a) 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.
(b) The burden of establishing lack of good faith is on the party against which the power has been exercised.

Credits

Added by Acts 2012, c. 673, § 2, eff. June 1, 2012.
MD Code, Commercial Law, § 1-309, MD COML § 1-309
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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