Missouri Laws 408.070 – Usurious interest — security agreement invalid
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Terms Used In Missouri Laws 408.070
- Lien: A claim against real or personal property in satisfaction of a debt.
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action and evidences of debt. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
In actions for the enforcement of liens upon personal property subjected to a security agreement to secure indebtedness, or to maintain or secure possession of property so subjected to a security agreement, or in any other case when the validity of such lien is drawn in question, proof upon the trial that the party holding or claiming to hold the lien has received or exacted usurious interest for the indebtedness shall render any security agreement of personal property, or any lien whatsoever thereon given to secure the indebtedness, invalid and illegal.