(1) Any mortgage taken to secure a loan made for the purpose of erecting, improving or adding to a building shall state such facts.
(2) No person shall willfully misappropriate or misapply the proceeds received from such a loan.
KRS 376.050
Mortgage for building or improvement purposes to state facts -- Misapplication of proceeds
Applied in 1 court decision — leading case Mathis v. Ivor Lands, Inc. (1969)
Most recently applied in Mathis v. Ivor Lands, Inc. (May 1969)
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.