2009 Kentucky Revised Statutes CHAPTER 371 FORMALITY AND ASSIGNABILITY OF CONTRACTS -- INSTALLMENT SALES CONTRACTS 371.110 Pledge or transfer of future wages -- What instrument shall state.
371.110 Pledge or transfer of future wages -- What instrument shall state.
No assignment, sale, pledge, mortgage or other transfer of wages to be earned or paid in <br>the future, where the whole or a part of the consideration for the assignment, sale, pledge, <br>mortgage or other transfer is a sum of money of less than two hundred dollars ($200) <br>shall be valid unless the instrument evidencing it: <br>(1) Is in writing subscribed by the assignor, and bears the true date of its signature by
the assignor and the true date of delivery of the money;
(2) Contains a true statement of the consideration, the amount of money advanced or
paid, the interest and all other fees and charges paid or agreed to be paid by the <br>assignor, the time when the debt, if any, matures and, if the debt is to be paid in <br>installments, the date of payment of each installment; and
(3) Gives the full name and address of each assignee, vendee, pledgee or mortgagee. If
the assignee, vendee, pledgee or mortgagee is a partnership, the instrument shall <br>give the name of each member of the partnership, and if it is a corporation or a <br>nonresident partnership or individual, the instrument shall give the name and <br>address of some person in the state upon whom process may be served in any <br>litigation involving the instrument.
Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 4758a-1.
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