insecurity clause

insecurity clause. A loan-agreement provision that allows the creditor to demand immediate and full payment of the loan balance if the creditor has reason to believe that the debtor is about to default, as when the debtor suddenly loses a significant source of income. Cf. ACCELERATION CLAUSE. [Cases: Bills and Notes 129(1); Secured Transactions 221. C.J.S. Bills and Notes; Letters of Credit §§ 86–89, 91; Secured Transactions §§ 144, 151.]

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词条贡献者

法律翻译Terence，毕业于欧洲顶尖的高级翻译学院，专注翻译各类与房地产与土地使用诉讼有关的法律文件。