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2019 Nebraska Revised Statutes
Chapter 45 - INTEREST, LOANS, AND DEBT
45-1049 Borrower; default; agreement; extent of enforceability.
Universal Citation: NE Code § 45-1049 (2019)
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.
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