Missouri Laws 408.365 – Acceleration clauses, repossession or confession of judgment by power of ..
1. No retail time contract shall contain any provision by which in the absence of the buyer’s default in the performance of any of his obligations, the seller or holder may arbitrarily and without reasonable cause accelerate the maturity of any part or all of the amount owing thereunder.
2. No retail time contract or retail charge agreement shall contain any provision by which:
Terms Used In Missouri Laws 408.365
- Contract: A legal written agreement that becomes binding when signed.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(1) A power of attorney is given to confess judgment, or an assignment of wages is given;
(2) The seller or holder of the contract or other person acting on his behalf is given authority to enter upon the buyer’s premises unlawfully or to commit any breach of the peace in the repossession of goods;
(3) The buyer waives any right of action against the seller or holder of the contract or other person acting on his behalf, as the buyer’s agent in the collection of payments under the contract or in the repossession of goods; or
(4) The buyer executes a power of attorney appointing the seller or holder of the contract, or other person acting on his behalf, as the buyer’s agent in collection of payments under the contract or in the repossession of goods.