A person shall not execute or procure to be executed any contract, agreement, provision, or stipulation described in section 1 of this chapter:

1. (1) as part of or in connection with the execution of any negotiable instrument or other written contract to pay money; and

2. (2) before a cause of action on the instrument or contract has accrued.

   [Pre-1998 Recodification Citation: 34-2-25-1 part.]

As added by P.L.1-1998, SEC.50.