84-1-309. 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 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.
History: L. 2007, ch. 89, ยง 23; July 1, 2008.
Structure Kansas Statutes
Chapter 84 - Uniform Commercial Code
Article 1 - General Provisions
84-1-104 Construction against implied repeal.
84-1-106 Use of singular and plural; gender.
84-1-108 Relation to electronic signatures in global and national commerce act.
84-1-203 Lease distinguished from security interest.
84-1-205 Reasonable time; seasonableness.
84-1-301 Territorial applicability; parties' power to choose applicable law.
84-1-302 Variation by agreement.
84-1-303 Course of performance, course of dealing, and usage of trade.
84-1-304 Obligation of good faith.
84-1-305 Remedies to be liberally administered.
84-1-306 Waiver or renunciation of claim or right after breach.
84-1-307 Prima facie evidence by third-party documents.
84-1-308 Performance or acceptance under reservation of rights.