408.560. Unenforceable provisions in note or credit contract. - Missouri Statutes

Unenforceable provisions in note or credit contract.

408.560. The following provisions when contained in any noteor credit contract or the contract of any guarantor of a credittransaction shall be void and unenforceable:

(1) A power of attorney to confess judgment;

(2) An assignment of wages;

(3) A waiver or limitation of any exemption given by law tothe borrower exempting the borrower's property from attachment orexecution, except insofar as the waiver or limitation applies toproperty in which the lender has been granted a security interestto secure the credit transaction;

(4) A security interest in consumer goods which areidentified only as a general class of goods, such as "householdgoods" or "furniture"; and

(5) A waiver of any right of action against the lender orhis assignee or other person acting on behalf of the lender inthe collection of payments under the contract or in therepossession of goods.

(L. 1979 S.B. 305)