TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 45

REMEDIES AND PENALTIES

PART 1.

LIMITATIONS ON CREDITORS’ REMEDIES

28-45-107.  Default. An agreement of the parties to a regulated consumer credit transaction with respect to default on the part of the debtor is enforceable only to the extent that:

(1)  The debtor fails to make a payment as required by agreement; or

(2)  The prospect of payment, performance, or realization of collateral is significantly impaired; the burden of establishing the prospect of significant impairment is on the creditor.

History:

[28-45-107, added 1983, ch. 119, sec. 3, p. 296.]