408.552. Enforceability of default provisions. - Missouri Statutes

Enforceability of default provisions.

408.552. An agreement of the parties to a credit transactionconcerning default by the borrower is enforceable only to theextent that:

(1) The borrower fails to make a payment as required byagreement; or

(2) The lender's prospect of payment, performance, orability to realize upon the collateral is significantly impaired;the burden of establishing significant impairment is on thelender.

(L. 1979 S.B. 305)