Kentucky Statutes 376.050 – Mortgage for building or improvement purposes to state facts — Misapplication of proceeds
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(1) Any mortgage taken to secure a loan made for the purpose of erecting, improving or adding to a building shall state such facts.
(2) No person shall willfully misappropriate or misapply the proceeds received from such a loan.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2467.
(2) No person shall willfully misappropriate or misapply the proceeds received from such a loan.
Terms Used In Kentucky Statutes 376.050
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2467.