N.M. Stat. § 55-1-309

Current through 2024, ch. 69

Section 55-1-309 - 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.

NMS § 55-1-309

1953 Comp., § 50A-1-208, enacted by Laws 1961, ch. 96, § 1-208; 1978 Comp. §55-1-208; recompiled by compiler as 1978 Comp. § 55-1-309; Laws 2005, ch. 144, § 23.