Acceleration

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Acceleration

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 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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

acceleration

n. 1) speeding up the time when there is vesting (absolute ownership) of an interest in an estate, when the interest in front of it is terminated earlier than expected; 2) in a contract or promissory note when the payment of debt is moved up to the present time due to some event like non-payment of an installment or sale of the property which secures the debt. (See: acceleration clause, vest)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
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