If the owner of any legal or equitable interest in land or improvements thereon contracts for labor or material used in the erection, repair or improvement of any structure thereon under such circumstances that a lien for the payment therefor may attach to the property, and sells or mortgages the property before the expiration of the time provided for the filing and recording of a mechanic’s or materialman’s lien, he shall, on receiving the consideration for the sale or the proceeds of the loan, pay in full any sum owing for the labor and materials, unless released in writing by the person furnishing the labor or materials. If the sum received is insufficient to make such payment in full, the owner shall make pro rata payments on all claims for such labor and materials.
Effective: October 1, 1942
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Terms Used In Kentucky Statutes 376.060

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010

History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2467a-1.

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