All bonds, bills or notes for money or property are assignable so as to vest the right of action in the assignee; but, except in the case of negotiable instruments, the assignment shall not impair the right to any defense, discount or set-off that the defendant has and might have used against the original obligee, or any intermediate assignor, before the defendant received notice of the assignment.
KRS 371.040
Bonds, bills and notes assignable -- Effect of assignment
Known as the Kentucky Fairness in Construction Act
The act spans §§ 371–371 (45 sections).
Applied in 1 court decision — leading case Walter J. Hieb Sand & Gravel, Inc. v. Universal C. I. T. Credit Corp. (1960)
Most recently applied in Walter J. Hieb Sand & Gravel, Inc. v. Universal C. I. T. Credit Corp. (March 1960)
Effective: October 1, 1942 History: Recodified 1942 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.