Effective - 28 Aug 2013
432.047. Credit agreements, actions not to be maintained, when — credit agreement defined. — 1. For the purposes of this section, the term "credit agreement" means an agreement to lend or forbear repayment of money, to otherwise extend credit, or to make any other financial accommodation.
2. A debtor party may not maintain an action upon or a defense, regardless of legal theory in which it is based, in any way related to a credit agreement unless the credit agreement is in writing, provides for the payment of interest or for other consideration, sets forth the relevant terms and conditions, and the credit agreement is executed by the debtor and the lender.
3. (1) When a written credit agreement has been signed by a debtor, subsection 2 of this section shall not apply to any credit agreement between such debtor and creditor unless such written credit agreement contains the following language in boldface ten-point type:
"Oral or unexecuted agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable, regardless of the legal theory upon which it is based that is in any way related to the credit agreement. To protect you (borrower(s)) and us (creditor) from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it.".
(2) Notwithstanding any other law to the contrary in this chapter, the provisions of this section shall apply to commercial credit agreements only and shall not apply to credit agreements for personal, family, or household purposes.
4. Nothing contained in this section shall affect the enforceability by a creditor of any promissory note, guaranty, security agreement, deed of trust, mortgage, or other instrument, agreement, or document evidencing or creating an obligation for the payment of money or other financial accommodation, lien, or security interest.
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(L. 2004 H.B. 959, A.L. 2013 S.B. 100)
Structure Missouri Revised Statutes
Title XXVIII - Contracts and Contractual Relations
Chapter 432 - Contracts Required to Be in Writing
Section 432.010 - Statute of frauds — contracts to be in writing.
Section 432.030 - Assignment of wages.
Section 432.040 - Representations of credit to be in writing.
Section 432.047 - Credit agreements, actions not to be maintained, when — credit agreement defined.
Section 432.050 - Leases, not in writing, operate as estates at will.
Section 432.060 - Leases to be assigned in writing.
Section 432.070 - Contracts, execution of by counties, towns — form of contract.
Section 432.080 - Duplicate copies to be made and preserved.
Section 432.205 - Definitions.
Section 432.215 - Prospective application.
Section 432.220 - Use of electronic records and electronic signatures — variation by agreement.
Section 432.225 - Construction and application.
Section 432.235 - Provision of information in writing — presentation of records.
Section 432.240 - Attribution and effect of electronic record and electronic signature.
Section 432.245 - Effect of change or error.
Section 432.250 - Notarization and acknowledgment.
Section 432.255 - Retention of electronic records — originals.
Section 432.260 - Admissibility of evidence.
Section 432.265 - Automated transaction.
Section 432.270 - Time and place of sending and receipt.