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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