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2009 Kentucky Revised Statutes
CHAPTER 360 INTEREST AND USURY
360.025 Excess rate of interest prohibited as defense of corporation.
Download pdfenforce payment of, or other remedy on, any mortgage, bond, note or other
obligation, executed or assumed by such corporation: provided, that this section
shall not apply to any action which is now pending or to any suit or action instituted
subsequent to June 16, 1960, upon any mortgage, bond, note or other obligation
executed or assumed by such corporation prior to June 16, 1960. (2) The provisions of subsection (1) of this section shall not apply to a corporation, the principal asset of which shall be the ownership of a one (1) or two (2) family
dwelling. Effective: June 16, 1960
History: Created 1960 Ky. Acts ch. 221, secs 1 and 2, effective June 16, 1960.
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