Go to previous versions of this Section
2022 (you are here)
2021
2020
2019
2018
Other previous versions

2022 Kentucky Revised Statutes
Chapter 360 - Interest and usury
360.027 Excess rate of interest prohibited as defense of limited partnership, limited liability company, or business or statutory trust.

Universal Citation: KY Rev Stat § 360.027 (2022)
Previous Next

Download as PDF
360.027 Excess rate of interest prohibited as defense of limited partnership, limited liability company, or business or statutory trust. (1) (2) No limited partnership, limited liability company, or business or statutory trust shall hereafter plead or set up the taking of more than the legal rate of interest, as a defense to any action brought against it to recover damages on, or enforce payment of, or other remedy on, any mortgage, bond, note or other obligation, executed or assumed by such limited partnership, limited liability, or business or statutory trust; provided, that this section shall not apply to any action instituted subsequent to June 16, 1972, upon any mortgage, bond, note or other obligation executed or assumed by such limited partnership or business trust prior to June 16, 1972. The provisions of subsection (1) of this section shall not apply to a limited partnership, limited liability company, or business or statutory trust, the principal asset of which shall be the ownership of a one (1) or two (2) family dwelling. Effective: June 24, 2015 History: Amended 2015 Ky. Acts ch. 34, sec. 65, effective June 24, 2015. -- Amended 1998 Ky. Acts ch. 341, sec. 48, effective July 15, 1998. -- Created 1972 Ky. Acts ch. 198, sec. 1.
Previous Next
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.