Business, Legal & Accounting Glossary
The action of a lender in demanding early repayment when a borrower defaults on a debt.
The action of a lender in demanding early repayment when a borrower defaults.
A hastening; a shortening of the time until some event takes place.
A person who has the right to take possession of property at some future time may have that right accelerated if the present holder loses his or her legal right to the property. If a life estate fails for any reason, the remainder is accelerated.
The principle of acceleration can be applied when it becomes clear that one party to a contract is not going to perform his or her obligations. Anticipatory repudiation, or the possibility of a future breach, makes it possible to move the right to remedies back to the time of repudiation rather than to wait for the time when performance would be due and an actual breach would occur.
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This glossary post was last updated: 9th October, 2021 | 34 Views.