acceleration clause
acceleration clause n: a clause (as in a loan agreement) that accelerates the date of payment in full under specified circumstances (as default by the debtor)

Merriam-Webster’s Dictionary of Law. . 1996.

acceleration clause
n.
A clause in a contract or mortgage that causes the entire payment to become due if a specific event occurs; common in installment contracts, in which the entire debt becomes due if the buyer fails to make payments on time.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


acceleration clause
A contract clause that provides that the entire outstanding amount owed under the contract will become immediately due under certain circumstances. This clause is most often found in promissory notes with installment payments for purchase of real property and requires that if the property is sold then the entire amount of the note is due immediately (the so-called "due on sale clause").
Category: Business, LLCs & Corporations
Category: Personal Finance & Retirement

Nolo’s Plain-English Law Dictionary. . 2009.

acceleration clause
USA
A clause in a mortgage that gives a lender the opportunity to demand full payment of an outstanding loan balance in specific circumstances defined in the mortgage agreement. Acceleration occurs most commonly where a borrower defaults or transfers title without informing the lender first.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


acceleration clause
n. A provision in a contract or in a testamentary or other legal document that, upon the occurrence of specific events, a party's future interest in certain property will prematurely vest. For example, in many loan or mortgage agreements, provision is made that if some specified event occurs, such as the debtor's failure to pay an installment, the creditor may declare the entire outstanding balance to be immediately due.

Webster's New World Law Dictionary. . 2000.


acceleration clause
The provision in a credit agreement, such as a mortgage, note, bond, or deed of trust, that allows the lender to require immediate payment of all money due if certain conditions occur before the time that payment would otherwise be due.

Dictionary from West's Encyclopedia of American Law. 2005.


acceleration clause
The provision in a credit agreement, such as a mortgage, note, bond, or deed of trust, that allows the lender to require immediate payment of all money due if certain conditions occur before the time that payment would otherwise be due.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

acceleration clause
n.
   a provision in a contract or promissory note that if some specified event (like not making payments on time) occurs then the entire amount is due or other requirements are due now, pronto. This clause is most often found in promissory notes with installment payments for purchase of real property and requires that if the property is sold then the entire amount of the note is due immediately (the so-called "due on sale clause"). Some states prohibit "due on sale" and always allow the new property owner to assume the debt.
   See also: acceleration assumption

Law dictionary. . 2013.

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