There is a newer version
of
this Section
2020 Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1301 | General Provisions
Section 1301.309 | Option to Accelerate at Will - Ucc 1-309.
Universal Citation: Ohio Rev Code § 1301.309 (2020)
Effective: June 29, 2011
Latest Legislation: House Bill 9 - 129th General Assembly
Option to accelerate at will [UCC 1-309]
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 has 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 which the power has been exercised.
Disclaimer: These codes may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
