Kentucky Statutes 360.027 – Excess rate of interest prohibited as defense of limited partnership, limited liability company, or business or statutory trust
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(1) No limited partnership, limited liability company, or business or statutory trust shall hereafter plead or set up the taking of more than the legal rate of interest, as a defense to any action brought against it to recover damages on, or enforce payment of, or other remedy on, any mortgage, bond, note or other obligation, executed or assumed by such limited partnership, limited liability, or business or statutory trust; provided, that this section shall not apply to any action instituted subsequent to June
16, 1972, upon any mortgage, bond, note or other obligation executed or assumed by such limited partnership or business trust prior to June 16, 1972.
(2) The provisions of subsection (1) of this section shall not apply to a limited partnership, limited liability company, or business or statutory trust, the principal asset of which shall be the ownership of a one (1) or two (2) family dwelling.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 34, sec. 65, effective June 24, 2015. — Amended
1998 Ky. Acts ch. 341, sec. 48, effective July 15, 1998. — Created 1972 Ky. Acts ch.
198, sec. 1.
16, 1972, upon any mortgage, bond, note or other obligation executed or assumed by such limited partnership or business trust prior to June 16, 1972.
Terms Used In Kentucky Statutes 360.027
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
(2) The provisions of subsection (1) of this section shall not apply to a limited partnership, limited liability company, or business or statutory trust, the principal asset of which shall be the ownership of a one (1) or two (2) family dwelling.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 34, sec. 65, effective June 24, 2015. — Amended
1998 Ky. Acts ch. 341, sec. 48, effective July 15, 1998. — Created 1972 Ky. Acts ch.
198, sec. 1.