408.552 Enforceability of default provisions.

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. (L. 1979 S.B. 305)