16a-5-109.   (UCCC) Default.An agreement of the parties to a consumer credit transaction withrespect to default on the part of the consumer is enforceable only to theextent that

      (1)   the consumer fails to make a payment as required by agreement; or

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

      History:   L. 1973, ch. 85, § 85; Jan. 1, 1974.