Adoption of stress-based forming limit curves (FLC) and their equivalent strain representations were introduced to overcome the path dependence of the conventional strain-based FLCs. The stress state and its instantaneous magnitude govern formability such that the triaxial stress state, induced through tool contact, can no longer be neglected. The present work reveals that in addition to the composition of the stress state, the boundary conditions of how the stress is applied to the material determine the onset of plastic instability. To this end, the relatively unknown generalized instability model of Hillier, derived from a stable bifurcation of the stress state under neutral stability, is revisited. Analytical solutions for instability in triaxial plane strain loading were derived for boundary conditions of a proportional, constant, or evolving contact pressure that enables critical evaluation of phenomenological plane stress mapping criteria proposed in the literature. As part of this work, the Hillier instability framework is extended to model the localization process under the constraint of quasi-stable plastic flow in arbitrary principal stress states to form the Generalized Incremental Stability Criterion (GISC). It is shown that the Modified Maximum Force Criterion (MMFC) emerges as one of many special cases of the GISC when restricted to plane stress proportional stressing with a prescribed minor load. Finally, the GISC is applied to Marciniak and Nakazima formability tests of a DP980 steel for identification of appropriate boundary conditions.