16a-5-109

Chapter 16a.--CONSUMER CREDIT CODE

Part 1 LIMITATIONS ON CREDITORS' REMEDIES
Article 5.--REMEDIES AND PENALTIES

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

     
(1)   the consumer 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:   L. 1973, ch. 85, § 85; Jan. 1, 1974.