Kentucky Statutes 413.100 – Lienee not to extend limitation as against purchasers or creditors — Exception
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No promise, acknowledgment or payment of money by any person bound on any bond or obligation for the payment of money secured by a lien shall operate as a prolongation or extension of the time within which the lien may be enforced as against purchasers or creditors, unless the promisor and the holder of the lien, before fifteen (15) years after the maturity of the debt, enters a memorandum on the margin of the record of the deed or mortgage, attested by the clerk, showing that the debt is extended, for what time it is extended and the amount still due thereon. The payee shall pay the clerk a fee pursuant to KRS § 64.012 for his services.
Effective: January 1, 2007
History: Amended 2006 Ky. Acts ch. 255, sec. 37, effective January 1, 2007. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2514.
Effective: January 1, 2007
Terms Used In Kentucky Statutes 413.100
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
History: Amended 2006 Ky. Acts ch. 255, sec. 37, effective January 1, 2007. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2514.