Download as PDF
367.4774 Maintenance fees on Kentucky recreational and retirement use land.
(1)
(2)
(3)
For any recreational and retirement use land physically located in this state,
maintenance fees paid shall be held in trust by the seller of recreational and
retirement use land for the benefit of the owners of individual interests. The
fees shall be deposited into a separate account in a financial institution
authorized to conduct business in this state. For purposes of this section,
"financial institution" means a federally chartered bank, a state chartered bank,
or a federally chartered savings and loan association. If any agent is
designated by the seller of recreational and retirement use land to collect
maintenance fees, both the seller and the agent shall be trustees of the funds
collected.
The maintenance fees shall be used only for the maintenance, care, and
security of the development. The Attorney General shall be entitled to demand
and inspect the records necessary to verify compliance with this statute.
Nothing in this section shall be construed to limit the right of the seller of
recreational and retirement use land from assigning for collection purposes
only any maintenance fees which are more than sixty (60) days delinquent if:
(a) The assignee for collection purposes receives no more than thirty-five
percent (35%) of the delinquent fees collected; and
(b) The assignee for collection purposes is not owned or controlled by the
seller of recreational and retirement use land.
Effective:July 14, 1992
History: Created 1992 Ky. Acts ch. 209, sec. 2, effective July 14, 1992.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
