16a-5-109. (UCCC) Default. - Kansas Statutes

16a-5-109

Chapter 16a.--CONSUMER CREDIT CODE Part 1 LIMITATIONS ON CREDITORS' REMEDIES Article 5.--REMEDIES AND PENALTIES

      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.

      History:   L. 1973, ch. 85, § 85; Jan. 1, 1974.