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In a mortgage contract, activation of an acceleration clause may operate as a precursor to a foreclosure action through which a lender may legally compel the sale of the property that the borrower acquired by using the mortgage loan. Proceeds from any subsequent sale of the property may be taken by
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For lease contracts, without the inclusion of an acceleration clause in a lease, a landlord's right to sue for damages for breach of a lease may accrue on the date the termination date of the lease. With an acceleration clause a landlord may be able to sue for damages when a breach of the lease
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In the event
Purchaser defaults on any payment or fails to comply with any condition of this contract the full amount shall be immediately due and payable".
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for the debt owed under the contract be start to run on the date of default, not the date the final payment would otherwise have been due.
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Clark, Barkley (1971). "Default, Repossession, Foreclosure, and
Deficiency: A Journey to the Underworld and a Proposed Salvation".
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is defined in law as a shortening of the time period in which something is to take place.
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The concept of acceleration most often arises within the context of contract law. An
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An acceleration clause was examined in the 1971 Rhode Island
Supreme Court case of
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the lender to recover any amount that the borrower still owes under the loan.
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deal primarily with the United States and do not represent a
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The court found that the language of the clause caused the
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244:"Five Secrets to Drafting an Effective Default Lease"
242:Bailey, Adam L.; Desiderio, John M. (June 2017).
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32:The examples and perspective in this article
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153:West's Encyclopedia of American Law, Vol. 1
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