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Title XXVI TRADE AND COMMERCE

Chapter 408

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  408.552.  Enforceability of default provisions. — 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.

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(L. 1979 S.B. 305)


---- end of effective   28 Aug 1979 ----

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