In any legal action brought by the authority or the insurance corporation to obtain the collection or repayment of a defaulted loan, as part of a successful judgment against the debtor or guarantor, the authority or insurance corporation shall be entitled to an award of reasonable attorney‘s fees, provided that provision therefor is contained in the agreements signed by the debtor as part of a loan or other debt transaction between the debtor and the authority or insurance corporation.
Effective: July 15, 1980

Terms Used In Kentucky Statutes 154.20-120

  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC

History: Created 1980 Ky. Acts ch. 340, sec. 21, effective July 15, 1980.
Formerly codified as KRS § 154.135

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