Enforceability of default provisions
Known as the Missouri Retail Credit Sales Law
The act spans §§ 408–408 (112 sections).
Applied in 2 court decisions — leading case In Re Schmidt (2008)
Most recently applied in In re Henderson (May 2013)
Effective: 28 Aug 1979; (L. 1979 S.B. 305)
An agreement of the parties to a credit transaction concerning default by the borrower is enforceable only to the extent that:
(1) The borrower fails to make a payment as required by agreement; or
(2) The lender's prospect of payment, performance, or ability to realize upon the collateral is significantly impaired; the burden of establishing significant impairment is on the lender.
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.