When a lender sells or otherwise disposes of collateral in a transaction in which an action for a deficiency may be commenced against the borrower, prior to bringing any such action or upon written request of the borrower, the lender shall give the borrower the notice provided in section 400.9-614 for consumer goods transactions or section 400.9-613 for all other transactions that are not consumer goods transactions.
Mo. Rev. Stat. § 408.557
Notice required before deficiency action may be commenced
Known as the Missouri Retail Credit Sales Law
The act spans §§ 408–408 (112 sections).
Applied in 2 court decisions — leading case Fielder v. Credit Acceptance Corp. (1998)
Most recently applied in Fielder v. Credit Acceptance Corp. (August 1998)
Effective: 28 Aug 2002; (L. 1979 S.B. 305, A.L. 2002 S.B. 895)
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.