S.C. Code § 36-1-309

Current through 2024 Act No. 209.

Section 36-1-309 - Option to accelerate at will

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, 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.

S.C. Code § 36-1-309

Amended by 2014 S.C. Acts, Act No. 213 (SB 343), s 1, eff. 10/1/2014.

1962 Code Section 10.1-208; 1966 (54) 2716; former 1976 Code Section 36-1-208.

2014 Act No. 213, Section 51, provides as follows:

"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."