408.405. Defenses or setoffs arising from transaction good against holder of security instrument, when. — The rights of a holder or assignee of an instrument, account, contract, right, chattel paper or other writing other than a check or draft, which evidences the obligation of a natural person as buyer, lessee, or borrower in connection with the purchase or lease of consumer goods or services, are subject to all defenses and setoffs of the debtor arising from or out of such sale or lease, notwithstanding any agreement to the contrary, only as to amounts then owing and as a matter of defense to or setoff against a claim by the holder or assignee; provided, however, with respect to goods only, the rights of the debtor under this section may be asserted to the seller at the address at which he did business at the time of the sale and must be so asserted within ninety days after receipt of the goods.
Notes of Decisions
Boulds v. Chase Auto Fin. Corp., 266 S.W.3d 847 (Mo. Ct. App. 2008).
· cites it 11× “Chase also filed a motion to dismiss, arguing three grounds: 1) that the arbitration agreement Boulds signed also applied to suits against Chase; 2) that regardless, the FTC holder rule applies only to defenses and not to claims according to § 408.”
Drew v. Chrysler Credit Corp., 596 F. Supp. 1371 (W.D. Mo. 1984).
· cites it 13× “Moreover, § 408.405, RSMo, provides that [t]he rights of a holder or assignee of an instrument, account, contract, right, chattel paper or other writing other than a check or draft, which evidences the obligation of a natural person as buyer, lessee, or borrower in connection…”
Williams v. Mercantile Bank of St. Louis NA, 845 S.W.2d 78 (Mo. Ct. App. 1993).
· cites it 3× “The apparent basis for appellant’s request for declaratory judgment appears to be § 408.405, RSMo 1986. This section gives consumer debtors certain statutory rights to rescind a transaction.”
Fielder v. Credit Acceptance Corp., 19 F. Supp. 2d 966 (W.D. Mo. 1998).
· cites it 4× “Defendant’s Reply Brief at 25 (citing Mo.Rev.Stat. § 408.405). CAC contends the debtors received an automobile, something of value, that the debtors did not assert any rights to a setoff, the debtors did not pay anything to CAC, and that those debtors who still have the…”
Chrysler Fin. Co., LLC v. Flynn, 88 S.W.3d 142 (Mo. Ct. App. 2002).
· cites it 2× “Under § 408.405, RSMo Supp.1999, “[t]he rights of a holder or assignee of an instrument, .”
Roosevelt Fed. Sav. & Loan Ass'n v. Crider, 722 S.W.2d 325 (Mo. Ct. App. 1986).
· cites it 4× “We reverse, and find exterior siding is “consumer goods” for the purposes of § 408.405. We remand to the trial court for a determination of the amount of damages sustained by the Criders for purposes of setoff against Roosevelt’s claim.”
Pullum v. CIT Fin. Servs., Inc., 495 F. Supp. 271 (E.D. Mo. 1980).
“This disclosure is a recital of § 408.405 R.S.Mo. (1974). There is no requirement in Missouri law, however, as there is in some other states, that this disclosure be made in the credit instrument.”
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