§ 6A-2.1-109. 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 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.
History of Section.P.L. 1991, ch. 305, § 1.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Section 6A-2.1-101. - Short title.
Section 6A-2.1-103. - Definitions and index of definitions.
Section 6A-2.1-104. - Leases subject to other law.
Section 6A-2.1-105. - Territorial application of chapter to goods covered by certificate of title.
Section 6A-2.1-107. - Waiver or renunciation of claim or right after default.