In any legal action brought by a business development corporation to obtain the collection or repayment of a defaulted loan, as part of a successful judgment against the debtor or guarantor the business development corporation shall be entitled to an award of reasonable attorneys' fees incurred in the recovery of the defaulted loan, provided that a provision therefor is contained in the loan documents signed by the debtor or guarantor as part of a loan transaction between the debtor or guarantor and the business development corporation.
KRS 155.230
Reasonable attorneys' fees, provision for
Known as the The Business Development Corporation Act
The act spans §§ 155.001 to 155.490 (34 sections).
Effective: July 15, 1980 History: Created 1980 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.