28-45-107 DEFAULT. - Idaho Statutes

TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 45

REMEDIES AND PENALTIES

PART 1.

LIMITATIONS ON CREDITORS’ REMEDIES

28-45-107. Default. An agreement of the parties to a regulated consumer credit transaction with respect to default on the part of the debtor is enforceable only to the extent that:

(1) The debtor 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.