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.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 45 - REMEDIES AND PENALTIES
Part 1 - LIMITATIONS ON CREDITORS’ REMEDIES
Section 28-45-101 - SHORT TITLE.
Section 28-45-103 - RESTRICTIONS ON DEFICIENCY JUDGMENTS.
Section 28-45-104 - LIMITATION ON GARNISHMENT.
Section 28-45-105 - NO DISCHARGE FROM EMPLOYMENT FOR GARNISHMENT.
Section 28-45-106 - UNCONSCIONABILITY.
Section 28-45-108 - CREDITOR’S RIGHT TO TAKE POSSESSION AFTER DEFAULT.