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 outstandingprincipal and accessories occurs, payment on an installment basis is inapplicable.” In this legal opinion, theThird Collegiate Court determined that if acceleration of installment payments for outstanding principal andinterest occurs as a result of debtor default, the obligation will no longer be in installments and will becomeimmediately due given that the form of payment in installments was rendered inapplicable upon the date ofdefault.
