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Newspaper
Ottawa Herald
Location
Ottawa, Kansas, United States of America
Date
Feb 02, 1981
Page
5
The FTC flags standard loan clauses that bind borrowers to unusual terms. A noted confession of judgment clause lets a creditor win by default, with consent for immediate execution. Some states ban such clauses, while others require plain language in consumer documents.
The FTC warns that many credit contracts may include complex provisions. Key items to watch include a blanket security interest allowing seizure of all household goods, waivers of state property exemptions, right to collect deficiency after resale, and cosigner guaranty clauses that let lenders pursue co-signers without notifying the borrower.
John Myers survived with 80 ice fishermen after a expanding ice mass separated from shore near Crane Creek State Park. Coast Guard crews, fire departments, and a Toledo hospital helicopter aided the rescue as vehicles were left stranded on the drifting floe.
Morris Kay of Lawrence was reelected Kansas Republican chairman without opposition at a Kansas Day meeting in Topeka. Mary Alice Lair of Piqua was elected vice chairman, defeating Dixie Roberts 63 to 52 as Rusty Leffel and Roberta Harkness were chosen treasurer and secretary. The day marked Kansas statehood observances and a Kansas Day dinner whose main speaker, Gov. Janklow, could not attend due to winter storms. former Rep. Keith Sebelius substituted.
In Warsaw Poland labor tensions eased as talks opened on farmers demands for an independent union and Solidarity. A nationwide one hour strike was called off with hope for government approval of union registration within ten days.
CHICAGO AP A State Department document cited by the Chicago Tribune suggests Mexico agreed to help supply Cuba with oil drilling equipment and goods from other countries. officials warn of possible transfer of U S technology under embargo though the text is not fully verified.
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