Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by FindLaw Staff
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 of at least the level of coverage required by the credit agreement to protect the collateral; and
(2) The debtor is able to provide the creditor with proper evidence of such coverage.
2. If, within thirty days after notice is sent pursuant to subsection 1 or 2 of section 427.125, a debtor provides the creditor with proper evidence that the debtor had insurance on the collateral as required by the credit agreement on the date the collateral protection became effective and that the debtor continues to have insurance on the collateral as required by the credit agreement, the creditor shall cancel the coverage that it purchased and may not charge the debtor any costs, including insurance premiums, interest, or other charges in connection with the coverage.
Cite this article: FindLaw.com - Missouri Revised Statutes Title XXVII. Debtor-Creditor Relations § 427.135. Collateral protection coverage cancelled, when - last updated January 01, 2023 | https://codes.findlaw.com/mo/title-xxvii-debtorcreditor-relations/mo-rev-st-427-135/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)