4-2A-109. Option to accelerate at will.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-2A-109. Option to accelerate at will.

4-2A-109. Option to accelerate at will. (1) A term providing that one party or his or her successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or “when he or she deems himself or herself insecure” or in words of similar import must be construed to mean that he or she has power to do so only if he or she in good faith believes that the prospect of payment or performance is impaired. (2) With respect to a consumer lease, the burden of establishing lack of good faith under subsection (1) is on the party who exercised the power; otherwise the burden of establishing lack of good faith is on the party against whom the power has been exercised.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-2A-109

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.