408.552. Enforceability of default provisions.
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)