2013 Kentucky Revised Statutes CHAPTER 382 - CONVEYANCES AND ENCUMBRANCES 382.290 Recording of mortgages and deeds retaining liens -- Assignment -- Discharge -- Form of record -- Clerk's fee.
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382.290 Recording of mortgages and deeds retaining liens -- Assignment -Discharge -- Form of record -- Clerk's fee.
(1)
(2)
(3)
(4)
(5)
(6)
In recording mortgages and deeds in which liens are retained (except railroad
mortgages securing bonds payable to bearer), there shall be left a blank space
immediately after the record of the deed or mortgage of at least two (2) full
lines for each note or obligation named in the deed or mortgage, or in the
alternative, at the option of the county clerk, a marginal entry record may be
kept for the same purposes as the blank space. Each entry in the marginal
entry record shall be linked to its respective referenced instrument in the
indexing system for the referenced instruments.
When any note named in any deed or mortgage is assigned to any other
person, the assignor may, over his own hand, attested by the clerk, note such
assignment in the blank space, or in a marginal entry record, beside a listing of
the book and page of the document being assigned, and when any one (1) or
more of the notes named in any deed or mortgage is paid, or otherwise
released or satisfied, the holder of the note, and who appears from the record
to be such holder, may release the lien, so far as such note is concerned, by
release, over his own hand, attested by the clerk. Each entry in the marginal
entry record shall be linked to its respective referenced instrument in the
indexing system for the referenced instrument.
No person who does not, from such record or assignment of record, appear at
the time to be the legal holder of any note secured by lien in any deed or
mortgage, shall be permitted to release the lien securing any such note, and
any release made in contravention of this section shall be void; but this section
does not change the existing law if no such entry is made.
For each assignment and release so made and attested by the clerk, he may
charge a fee pursuant to KRS 64.012 to be paid by the person executing the
release or noting the assignment.
If such assignment of a note is made by separate instrument or by deed
assigning the note, or in a marginal entry record, the instrument of writing or
deed or marginal entry record shall set forth the date of notes assigned, a brief
description of notes, the name and post office address of assignee, and the
deed book and page of the instrument wherein the lien or mortgage is recorded
and the clerk or deputy clerk receiving such instrument of writing or deed of
assignment for record shall at the option of the county clerk immediately either
link the assignment and its filing location to its respective referenced instrument
in the indexing system for the referenced instrument, or endorse at the foot of
the record in the space provided in subsection (1), "The notes mentioned
herein (giving a brief description of notes assigned) have been transferred and
assigned to (insert name and address of assignee) by deed of assignment (or
describe instrument) dated and recorded in deed book .... page ....," and attest
such certificate. For making such notation on the record the clerk shall be
allowed a fee pursuant to KRS 64.012 for each notation so made, to be paid by
the party filing the instrument of writing or deed of assignment.
No holder of a note secured by lien retained in either deed or mortgage shall
lodge for record, and no clerk or deputy clerk shall receive and permit to be
lodged for record, any deed or instrument of writing that does not comply with
the provisions of this section.
Effective:July 15, 1982
History: Amended 1982 Ky. Acts ch. 323, sec. 2, effective July 15, 1982. -Amended 1978 Ky. Acts ch. 84, sec. 15, effective June 17, 1978. -- Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 498a.
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