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2009 Kentucky Revised Statutes
CHAPTER 378 FRAUDULENT AND PREFERENTIAL CONVEYANCES
378.060 Preferential conveyance, encumbrance or other act in contemplation of insolvency -- Effect -- Exception.

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378.060 Preferential conveyance, encumbrance or other act in contemplation of insolvency -- Effect -- Exception. Any sale, mortgage or assignment made by a debtor and any judgment suffered by a <br>defendant, or any act or device done or resorted to by a debtor, in contemplation of <br>insolvency and with the design to prefer one or more creditors to the exclusion, in whole <br>or in part, of others, shall operate as an assignment and transfer of all the property of the <br>debtor, and shall inure to the benefit of all his creditors, except as provided in subsection <br>(2) of KRS 378.090, in proportion to the amount of their respective demands including <br>those which are future and contingent. Nothing in KRS 378.060 to 378.090 shall vitiate <br>or affect any mortgage made in good faith to secure any debt or liability created <br>simultaneously with the mortgage, if the mortgage is lodged for record within thirty (30) <br>days after its execution. Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1910.

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