Adventures of the Missouri No-Oral-Credit-Agreement Statute; Governor Signs Corrective Amendment in SB 100

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The Missouri credit agreement statute of frauds has had uneven interpretations by the courts. It has been amended twice to overrule appellate court decisions that limited its obvious intent, which is to eliminate all claims by borrowers and guarantors(or lenders) that oral promises or commitments had been made or breached or that there were representations at variance with written loan agreements, promissory notes, guaranties or similar documents. It was originally adopted as § 432.045, R.S.Mo., in 1990.

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Published In: Finance & Banking Updates

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