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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 2A. · Article 2A. LEASES · Part 1. GENERAL PROVISIONS

11-2A-109. Option to accelerate at will.

Active

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

  1. (1)

    A term providing that one party or his successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or “when he deems himself insecure” or in words of similar import must be construed to mean that he has power to do so only if he in good faith believes that the prospect of payment or performance is impaired.#

  2. (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.#

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.

History

Code 1981, § 11-2A-109, enacted by Ga. L. 1993, p. 633, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

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, page 278; merge action: carried; file SHA-256 ad397fccbf21.