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583.284 Retention of purchase money security interest.

If a creditor has a purchase money security interest under section 336.9-103, and renegotiates the debt under the Farmer-Lender Mediation Act to reduce the principal balance or the interest rate or to extend the repayment period, the creditor retains the purchase money security interest for the renegotiated debt.

HIST: 1987 c 292 s 32; 2001 c 195 art 2 s 38

* NOTE: This section is repealed effective July 1, 2003, by *Laws 1989, chapter 350, article 16, section 8, as amended by *Laws 1990, chapter 525, section 1; Laws 1991, chapter 208, *section 2; Laws 1993, First Special Session chapter 2, article *6, section 2; Laws 1995, chapter 212, article 2, section 11; *Laws 1997, chapter 183, article 3, section 29; Laws 1998, *chapter 395, section 7; Laws 1998, chapter 402, section 6; Laws *1999, chapter 214, article 2, section 19; Laws 2001, chapter *195, article 1, section 23; and Laws 2001, First Special Session *chapter 2, section 150.

* NOTE: This section is repealed effective June 30, 2005, by *Laws 1989, chapter 350, article 16, section 8, as amended by *Laws 1990, chapter 525, section 1; Laws 1991, chapter 208, *section 2; Laws 1993, First Special Session chapter 2, article *6, section 2; Laws 1995, chapter 212, article 2, section 11; *Laws 1997, chapter 183, article 3, section 29; Laws 1998, *chapter 395, section 7; Laws 1998, chapter 402, section 6; Laws *1999, chapter 214, article 2, section 19; and Laws 2001, First *Special Session chapter 1, article 2, section 25.