Title XXVII, DEBTOR-CREDITOR RELATIONS

427.110. Collateral protection act — audit for compliance. — Sections 427.110 to 427.190 may be cited as the "Collateral Protection Act". As a part of their regular audit, state regulators may audit creditors that elect coverage under sections 427.110 to 427.190; when the credito…

427.115. Definitions. — In sections 427.110 to 427.190, unless the context otherwise requires, the following words and phrases shall mean: (1) "Collateral", any or all property pledged to secure payment, repayment, or performance under a credit agreement, including, but not limit…

427.120. Collateral protection coverage, requirements. — For protection under sections 427.110 to 427.190, a creditor may place collateral protection coverage provided the following conditions are met: (1) The debtor has entered into a credit transaction with the creditor; (2) Th…

427.125. Notice of placement of insurance — grace period. — 1. Within thirty calendar days following the placement of collateral protection coverage, the creditor shall mail to the debtor at the last known address of any such person, a notice entitled "Notice of Placement of Insu…

427.130. Coupon book revision required, when, how. — If any form of amortization is used by the creditor and a coupon book was sent to the debtor at the inception of the credit transaction, the creditor shall send to the debtor one of the following: (1) A reprinted coupon book wi…

427.135. Collateral protection coverage cancelled, when. — 1. Any collateral protection coverage purchased unilaterally by the creditor subsequent to the date of the credit agreement shall be cancelled whenever and for so long as: (1) The debtor has in place substitute insurance …

427.140. Unearned premiums to be refunded. — Upon cancellation or expiration of collateral protection coverage, the amount of unearned premiums, if any, as calculated in accordance with the policy approved by the department of commerce and insurance as permitted by law, shall be …

427.145. Placement of coverage. — Collateral protection coverage may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the insurance by the department of commerce and insurance. The insurance shall be evidenced by an individual policy or…

427.150. Liability limitation, notice. — A creditor that places collateral protection coverage in substantial compliance with the terms of sections 427.110 to 427.190 shall not be directly or indirectly liable in any manner to a debtor, cosigner, guarantor, or any other person in…

427.155. No fiduciary relationship intended. — Sections 427.110 to 427.190 do not impose a fiduciary relationship between the creditor and the debtor. Placement of collateral protection coverage is for the sole purpose of protecting the interest of the creditor when the debtor fa…

427.160. Insurance not required. — A creditor is not required to purchase collateral protection coverage or to otherwise insure collateral. A creditor shall not be liable to a debtor or to any other person for failure to purchase collateral protection coverage, as a result of the…

427.165. Uniform commercial code not affected by act. — The obligations and rights of the creditor and the debtor with respect to the collateral as provided by the uniform commercial code are not affected by sections 427.110 to 427.190. ­­-------- (L. 1997 H.B. 257)

427.170. Severability — nonimpairment. — The provisions of sections 427.110 to 427.190 are severable under section 1.140 and shall not impair any other remedies, rights, or options available to a creditor pursuant to any law, regulation, ruling, court order, contract, or agreemen…

427.180. Insurer may claim protection of act. — Any insurer, as defined in subdivision (5) of section 375.012, that underwrites collateral protection coverage for various creditors, may claim the protection of sections 427.110 to 427.190. ­­-------- (L. 1997 H.B. 257)

427.190. Statute of limitations. — An action to enforce an obligation, duty, or right to determine liability for collateral protection coverage shall be commenced within five years after the cause of action accrues. The cause of action shall accrue when such collateral protection…

427.200. Lease of personal property allowed — writing required. — Any person may hold personal property for lease, except as otherwise provided by law. A lease shall be in writing and may be either the functional equivalent of a loan or a true lease where the lessee pays compensa…

427.220. Commissions and consideration paid to depository institutions not to be more limited than those paid to insurance agencies — definitions. — 1. Commissions paid to properly licensed employees or individual agents of a depository institution or a related entity shall not b…

427.225. Name of financial institution, deceptive use of, when — cause of action may be brought by whom — financial institution defined — attorney general may enforce. — 1. Deceptive use of a financial institution's name in notification or solicitation occurs when a business, or …

427.300. Citation of law — definitions — commercial financing transaction disclosures, requirements — inapplicability — registration requirements — violations — effective date — rules. — 1. This section shall be known and may be cited as the "Commercial Financing Disclosure Law".…

428.005. Short title. — Sections 428.005 to 428.059 may be cited as the "Uniform Fraudulent Transfer Act". ­­-------- (L. 1992 S.B. 448)

428.009. Definitions. — As used in sections 428.005 to 428.059, the following terms mean: (1) "Affiliate": (a) A person who directly or indirectly owns, controls, or holds with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a …

428.014. Insolvency. — 1. A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation. 2. A debtor who is generally not paying his debts as they become due is presumed to be insolvent. 3. A partnership is insolvent under s…

428.019. Value. — 1. Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course …

428.024. Transfers fraudulent as to present and future creditors. — 1. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made th…

428.029. Transfers fraudulent as to present creditors. — 1. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation w…

428.034. When transfer is made or obligation is incurred. — For the purposes of sections 428.005 to 428.059: (1) A transfer is made: (a) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for t…

428.039. Remedies of creditors. — 1. In an action for relief against a transfer or obligation under sections 428.005 to 428.059, a creditor, subject to the limitations in section 428.044, may obtain: (1) Avoidance of the transfer or obligation to the extent necessary to satisfy t…

428.044. Defenses, liability, and protection of transferee. — 1. A transfer or obligation is not voidable under subdivision (1) of subsection 1 of section 428.024 against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or…

428.049. Extinguishment of claim for relief or cause of action. — A claim for relief or cause of action with respect to a fraudulent transfer or obligation under sections 428.005 to 428.059 is extinguished unless action is brought: (1) Under subdivision (1) of subsection 1 of sec…

428.054. Supplementary provisions. — Unless displaced by the provisions of sections 428.005 to 428.059, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake,…

428.059. Uniformity of applications and construction. — Sections 428.005 to 428.059 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of sections 428.005 to 428.059 among states enacting it. ­­-------- (L. 1992 S.…

428.105. Definitions. — 1. For the purposes of sections 428.105 to 428.135: (1) "Court" is the United States Supreme Court, Federal Courts of Appeal, Federal District Courts, Federal Magistrates, Federal Administrative Courts, Missouri supreme court, Missouri courts of appeal, Mi…

428.110. Filing officer may reject lien, exceptions — filing officer to accept notice of invalid lien, when. — 1. Any filing officer may reject for filing or recording any nonconsensual common law lien. This section shall not be construed to permit rejection of a document that is…

428.115. Lien claimant may petition court, procedure. — Any person who attempts to file a lien against real or personal property that is rejected pursuant to subsection 1 of section 428.110 may petition the circuit court of the county of the filing officer that rejected such lien…

428.120. Petition to declare lien invalid, procedure. — Any person who has real or personal property or an interest therein, which is subject to a recorded nonconsensual common law lien, who believes such lien is invalid, may petition the circuit court of the county in which the …

428.125. Contents of order — remedies — copy of order to be filed. — 1. Any order rendered pursuant to section 428.115 or 428.120 shall clearly state that if the lien claimant fails to appear at the time and place noted, the claim of lien shall be declared void ab initio and rele…

428.130. Filing officers not liable. — Filing officers and any employees thereof, acting in the scope of employment, shall not be liable for damages pursuant to sections 428.105 to 428.125 and, except as otherwise provided by law, shall not be required to defend decisions to acce…

428.135. Liability for filing or recording certain documents. — Any person who records or files in the office of a filing officer: (1) Any document purporting to create a nonconsensual common law lien against real or personal property; or (2) A notice of invalid lien pursuant to …

429.005. Certain agreements to waive rights under this chapter are unenforceable — exception. — 1. An agreement by an original contractor, subcontractor, supplier or laborer to waive any right to enforce or claim any lien authorized under this chapter, where the agreement is in a…

429.010. Mechanics' and materialmen's lien, who may assert — extent of lien. — 1. Any person who shall do or perform any work or labor upon land, rent any machinery or equipment, or use any rental machinery or equipment, or furnish any material, fixtures, engine, boiler or machin…

429.012. Original contractor to have lien, when — requirements, failure to provide notice, penalty, exception — agents, insurance companies or escrow, accepting fraudulent lien waiver or false affidavit for gain, penalty. — 1. Every original contractor, who shall do or perform an…

429.013. Definitions — subcontractor to have lien, when — consent of owner, form — requirements — penalties for violation. — 1. The provisions of this section shall apply only to the repair or remodeling of or addition to owner-occupied residential property of four units or less.…

429.014. Lien fraud, penalties — claim against original contract, when. — 1. Any original contractor, subcontractor or supplier who fails or refuses to pay any subcontractor, materialman, supplier or laborer for any services or materials provided pursuant to any contract referred…

429.015. Lien authorized for architectural, professional engineering, land survey, or landscape architecture — extent of lien — priority — defenses. — 1. Every registered architect or corporation registered to practice architecture, every registered professional engineer or corpo…

429.016. Residential real property — recording required, procedure — failure to record, effect of — form of notice — separate notice required, when — release of lien, procedure — waiver, when. — 1. The provisions of this section shall only apply to mechanic's liens asserted again…

429.020. Lien for street, sidewalk, sewer or pipeline adjacent to land. — Every mechanic or other person who shall do or perform any work or labor upon or furnish any material for the construction of any street, curb, sidewalk, sewerline, waterline, or other pipeline in front of,…