Section 44 Default Defined
| Library | Motor Vehicle 2011 |
Section 408.552, RSMo 2000, limits the definition of default to either the:
· failure of the borrower to make a required payment; or
· significant impairment of “[t]he lender’s prospect of payment, performance, or ability to realize upon the collateral.”
If this second part of the default definition is relied on, the burden of establishing a significant impairment is on the lender. Section 408.552(2).
These limitations on the...
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