8.2A-109 - A-109. Option to accelerate at will. - Virginia Statutes

§ 8.2A-109. Option to accelerate at will.

(1) A term providing that one party or his or her successor in interest mayaccelerate payment or performance or require collateral or additionalcollateral "at will" or "when he or she deems himself or herselfinsecure" or in words of similar import must be construed to mean that he orshe has power to do so only if he or she in good faith believes that theprospect of payment or performance is impaired.

(2) With respect to a consumer lease, the burden of establishing good faithunder subsection (1) of this section is on the party who exercised the power;otherwise the burden of establishing lack of good faith is on the partyagainst whom the power has been exercised.

(1991, c. 536.)