25-1-309. 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. (1965, c. 700, s. 1; 2006-112, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 25 - Uniform Commercial Code
Article 1 - General Provisions.
§ 25-1-102 - Scope of Article.
§ 25-1-104 - Construction against implied repeal.
§ 25-1-106 - Use of singular and plural; gender.
§ 25-1-107 - Section captions.
§ 25-1-108 - Relation to Electronic Signatures in Global and National Commerce Act.
§ 25-1-201 - General definitions.
§ 25-1-202 - Notice; knowledge.
§ 25-1-203 - Lease distinguished from security interest.
§ 25-1-205 - Reasonable time; seasonableness.
§ 25-1-301 - Territorial applicability; parties' power to choose applicable law.
§ 25-1-302 - Variation by agreement.
§ 25-1-303 - Course of performance, course of dealing, and usage of trade.
§ 25-1-304 - Obligation of good faith.
§ 25-1-305 - Remedies to be liberally administered.
§ 25-1-306 - Waiver or renunciation of claim or right after breach.
§ 25-1-307 - Prima facie evidence by third-party documents.
§ 25-1-308 - Performance or acceptance under reservation of rights.