408.070. Usurious interest--security agreement invalid. - Missouri Statutes

Usurious interest--security agreement invalid.

408.070. In actions for the enforcement of liens uponpersonal property subjected to a security agreement to secureindebtedness, or to maintain or secure possession of property sosubjected to a security agreement, or in any other case when thevalidity of such lien is drawn in question, proof upon the trialthat the party holding or claiming to hold the lien has receivedor exacted usurious interest for the indebtedness shall renderany security agreement of personal property, or any lienwhatsoever thereon given to secure the indebtedness, invalid andillegal.

(RSMo 1939 § 3231, A.L. 1965 p. 114)

Prior revisions: 1929 § 2844; 1919 § 6496; 1909 § 7184

(1977) Lender is not precluded from showing that charge of interest in excess of legal rate was unintentional or inadvertent and without existence of intent is not usurious. Wyckoff v. Commerce Bank of Kansas City (A.), 561 S.W.2d 399.