(1) Any property owner who desires to exercise the privilege of payment by installment shall, before the expiration of said thirty (30) days, pay in cash one-tenth (1/10) of the assessment against him and enter into an agreement in writing with the road district that, in consideration of such privilege, he will make no objection to any illegality or irregularity in the assessment, levy or imposition of the assessment against his property. Any property owner entering into such an agreement shall be concluded thereby and shall waive any defense which he might otherwise have against the payment of the assessment levied against his property. Said agreement shall be filed and recorded among the records of the board of directors of the road district, and shall be binding upon any successor in title to the property.
(2) After the first payment of one-tenth (1/10) of the assessment shall have been made in cash at the time the property owner elects to pay the balance on the installment plan, the remaining installments shall be due and payable one (1) each year on the anniversary of the last day of the thirty (30) day period for executing the installment payment agreement, together with interest as herein provided for nine (9) years.
History: Created 1942 Ky. Acts ch. 65, sec. 15.