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426.525 Mortgage foreclosure forbidden -- Rights of mortgagee after default.
Foreclosure of a mortgage is forbidden; provided, however, that this section shall not
preclude a mortgagee after default from taking possession of property subject to the
mortgage which has been abandoned by the mortgagor, for the purpose of preserving and
maintaining the same, harvesting crops, or letting the same, all to the account of the
mortgagor; and any reasonable expenses incident thereto including taxes and insurance
shall be added to the principal of the mortgage, and secured by it. For the purpose of this
section, property shall be deemed to have been abandoned when the mortgagor has
moved from the property and when by the nature of the property in question when further
neglect or failure to attend will decrease its value. Any right a mortgagee acquires in a
tenant's interest in crops raised on shares is inferior to any prior existing lien of the
landlord on the tenant's interest. Nothing in this section shall be construed as conflicting
with the provisions of KRS 383.110 or 426.205.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 93, sec. 2, effective July 12, 2012. -- Amended
1972 Ky. Acts ch. 90, sec. 1. -- Transferred 1952 Ky. Acts ch. 84, sec. 1, effective
July 1, 1953, from C.C. sec. 375.
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