§ 1-309. Option to Accelerate at Will
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 1-309
§ 1-309. Option to Accelerate at Will
Option to Accelerate at Will.
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 in words of similar import, means that the party shall have 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 whom the power has been exercised.
Credits
Laws 2005, c. 139, § 22, eff. Jan. 1, 2006.
12A Okl. St. Ann. § 1-309, OK ST T. 12A § 1-309
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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