408.552. Enforceability of default provisions.
72 words·~1 min read·
/mo/chapter-408/408-552A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
408.552. Enforceability of default provisions. — An agreement of the parties to a credit transaction concerning default by the borrower is enforceable only to the extent that:
(1)The borrower fails to make a payment as required by agreement; or
(2)The lender's prospect of payment, performance, or ability to realize upon the collateral is significantly impaired; the burden of establishing significant impairment is on the lender.
--------
(L. 1979 S.B. 305)