Section 54 Defenses Arising Out of the Statutes Governing Default

• Library: Consumer Law and Practice 2010

The statutes governing default are found in § 408.551-408.562, RSMo 2000 and Supp. 2010. Among other things, the statutes provide that, before a creditor can accelerate the contract balance and repossess the collateral for default in payment, it must give the debtor notice of the opportunity to cure the default. Section 408.554, RSMo 2000, and § 408.555, RSMo Supp. 2010. The debtor is entitled to two opportunities to cure in credit transactions other than second mortgage loans (in which case the debtor has three). Section 408.555.3. The right-to-cure notice...