45-1049. Borrower; default; agreement; extent of enforceability.

An agreement of the parties to a loan, with respect to default on the part of the borrower, is enforceable only to the extent that:

(1) The borrower fails to make a payment on the loan or other charges required by the 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 licensee.

Source:Laws 1979, LB 87, § 12; R.S.1943, (1998), § 45-179; Laws 2001, LB 53, § 77.