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UTAH STATUTES AND CODES
70A-1a-309 - Option to accelerate at will.
70A-1a-309. Option to accelerate at will.
A term providing that one party or that party's successor in interest may acceleratepayment or performance or require collateral or additional collateral "at will" or when the party"considers itself insecure," or words of similar import, means that the party has power to do soonly 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 beenexercised.
A term providing that one party or that party's successor in interest may acceleratepayment or performance or require collateral or additional collateral "at will" or when the party"considers itself insecure," or words of similar import, means that the party has power to do soonly 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 beenexercised.
Enacted by Chapter 272, 2007 General Session
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