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Legal updates

May 10, 2014
Legal updates

The Third Collegiate Court of the Twenty Seventh Circuit published legal opinion number XXVII.3o.3 C (10a), titled: “Credit Agreement. When acceleration of installment payments agreed to for the payment of outstanding principal and accessories occurs, payment on an installment basis is inapplicable.” In this legal opinion, the Third Collegiate Court determined that if acceleration of installment payments for outstanding principal and interest occurs as a result of debtor default, the obligation will no longer be in installments and will become immediately due given that the form of payment in installments was rendered inapplicable upon the date of default.

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