16a-5-109. (UCCC) Default.
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/ks/16a-5-109A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16a-5-109.
(UCCC)Default. An agreement of the parties to a consumer credit transaction with respect to default on the part of the consumer is enforceable only to the extent that:
(1)The consumer fails to make a payment as required by agreement; or
(2)the prospect of payment, performance, or realization of collateral is significantly impaired; the burden of establishing the prospect of significant impairment is on the creditor.