432.045. Credit agreements, defined — action by debtor on certain credit agreements prohibited unless in writing — contents of written statement requirement — oral modification permitted, when. — 1. For the purposes of this section, the term "credit agreement" means an agreement to lend or forbear repayment of money, to otherwise extend credit, or to make any other financial accommodation.
2. A debtor may not maintain an action upon or a defense to a credit agreement unless the credit agreement is in writing, provides for the payment of interest or for other consideration, and sets forth the relevant terms and conditions, except this subsection shall not preempt other specific statutes that authorize additional protection for consumer credit used in personal, family or household purposes and the limitations on credit agreements in subsection 3 of this section.
3. (1) If a written credit agreement has been signed by a debtor, subsection 2 of this section shall not apply to any credit agreement between such debtor and creditor unless such written credit agreement contains the following language in boldface ten point type:
"Oral agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable. To protect you (borrower(s)) and us (creditor) from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it."
(2) The provisions of this section shall not apply to credit agreements for personal, family, or household purposes when there is already a written contract governing the transaction, and the debtor and creditor orally agree to defer one or more loan payments or make other credit agreement modifications and such deferrals or modifications are limited in duration to not more than ninety days.
4. Nothing contained in this section shall affect the enforceability by a creditor of any promissory note, guaranty, security agreement, deed of trust, mortgage, or other instrument, agreement, or document evidencing or creating an obligation for the payment of money or other financial accommodation, lien, or security interest.
Notes of Decisions
Mika v. Cent. Bank of Kansas City, 112 S.W.3d 82 (Mo. Ct. App. 2003).
· cites it 23× “Respondents claimed in their motions for summary judgment that Appellants’ claims were barred by the credit agreement statute of frauds, § 432.045. 1 Respondents UHS, Hoffine and IAD also claimed that Appellants’ claims were barred by the statute of frauds for the sale of real…”
BancorpSouth Bank v. Paramont Props., L.L.C., 349 S.W.3d 363 (Mo. Ct. App. 2011).
· cites it 14× “In reaching this conclusion, the court in Mika examined the statutory language of Section 432.045, RSMo 2000, and compared it with the language of statutes passed by other jurisdictions that had an enacted a credit agreement statute of frauds.”
Block v. North Am. Sav. Bank, F.S.B., 59 S.W.3d 567 (Mo. Ct. App. 2001).
· cites it 5× “The trial court properly concluded that any such oral agreement was barred by the Credit Agreement Statute of Frauds, Section 432.045 RSMo. In the October 21, 1992 letter agreement, Hancock promised James Block that NASB would release Grier from the BPP Loan upon Grier’s payment…”
Bailey v. Hawthorn Bank, 382 S.W.3d 84 (Mo. Ct. App. 2012).
· cites it 2× “Sections 432.045 4 and 432.047 collectively require that credit agreements be in writing.”
Pease v. Wachovia SBA Lending, Inc., 6 A.3d 867 (Md. 2010).
· cites it 2× “In Missouri, a credit agreement is an “agreement to lend or forbear repayment of money, to otherwise extend credit, or to make any financial accommodation” and a “debtor may not maintain an action upon or defense to a credit agreement unless the credit agreement is in…”
Am. Realty Trust, Inc. v. First Bank of Missouri, 902 S.W.2d 884 (Mo. Ct. App. 1995).
“§ 432.045: “Oral agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable.”
Cavalier Homes of Alabama v. Sec. Pac. Hous. Servs., Inc., 5 F. Supp. 2d 712 (E.D. Mo. 1997).
“The Court finds that these Agreements comprise the written credit agreements between the parties under § 432.045. As plaintiff states in its complaint and arguments here, these documents refer to each other and are also clearly related to each other as integral parts of the…”
Pecos I, LLC v. Jason S. Meyer (Mo. Ct. App. 2022).
· cites it 5× “Respondent argues Appellant did not plead the parties amended the Notes, and Appellant produced no document satisfying the requirements of section 432.045. B. Analysis To be entitled to summary judgment, Respondent had to plead facts sufficient to establish each element of its…”
Cnty. Bank v. Shalla (Iowa Ct. App. 2024).
“1997); Mo. Rev. Stat. § 432.045 (2) (1994). And in Ohio Valley Plastics, Inc.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.