Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 1. · Article 1. GENERAL PROVISIONS · Part 3. TERRITORIAL APPLICABILITY AND GENERAL RULES

11-1-309. Option to accelerate at will.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

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 shall be construed to mean that the party shall have 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 whom the power has been exercised.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1981, § 11-1-309, enacted by Ga. L. 2015, p. 996, § 3A-1/SB 65.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 50 to 51; merge action: carried; file SHA-256 ad397fccbf21.