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Section 408.070 Usurious interest — security agreement invalid.

MO Rev Stat § 408.070 (2019) (N/A)
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Effective 28 Aug 1965

408.070. Usurious interest — security agreement invalid. — 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.

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(RSMo 1939 § 3231, A.L. 1965 p. 114)

Prior revisions: 1929 § 2844; 1919 § 6496; 1909 § 7184

(1977) Lender is not precluded from showing that charge of interest in excess of legal rate was unintentional or inadvertent and without existence of intent is not usurious. Wyckoff v. Commerce Bank of Kansas City (A.), 561 S.W.2d 399.

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Section 408.060 Defendant may plead usury — judgment, how rendered — corporations cannot enter plea of usury.
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Section 408.080 Interest may be paid on interest — compounding limited to once a month — prohibited for certain loans.