Ohio Revised Code
Chapter 1301 | General Provisions
Section 1301.309 | Option to Accelerate at Will - Ucc 1-309.

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.

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Structure Ohio Revised Code

Ohio Revised Code

Title 13 | Commercial Transactions

Chapter 1301 | General Provisions

Section 1301.101 | Short Titles - Ucc 1-101.

Section 1301.102 | Scope of Chapter 1301 - Ucc 1-102.

Section 1301.103 | Construction of Uniform Commercial Code to Promote Its Purposes and Policies; Applicability of Supplemental Principles of Law - Ucc 1-103.

Section 1301.104 | Construction Against Implied Repeal - Ucc 1-104.

Section 1301.105 | Severability - Ucc 1-105.

Section 1301.106 | Use of Singular and Plural; Gender - Ucc 1-106.