Default - State Law

Question 1

Acceleration (definition, notice, waiver)

Answer 1

in default by debtor, cr can declare all pmts immediately due and payable. Some states require notice, others say acceleration occurs when there is an unequivocal decision to accelerate. Secured cr should promptly assert acceleration or they may waive.

Question 2

Cure

Answer 2

Debtor right to pay the amount then due to fix a default. Some states say curing after default is paying only what you have breached. Others say it is paying the entire amount of the debt.

Question 3

Good faith

Answer 3

if by performing under the contract terms, you are wrong.