Okla. Stat. tit. 12A, § 12A-2A-109
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-109, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Option to accelerate at will
Official statutory text
OPTION TO ACCELERATE AT WILL
(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) With respect to a consumer lease, the burden of
establishing good faith under subsection (1) of this section 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.
(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) With respect to a consumer lease, the burden of
establishing good faith under subsection (1) of this section 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.
Status: in_force · Read it on the official government site
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