Kentucky Statutes 65.946 – Maximum term for leases
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A lease for real property may have any term, including renewals, not to exceed forty (40) years. A lease for personal property may have any term, including renewals, not to exceed the useful life of the personal property financed, determined in accordance with generally accepted accounting principles.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 81, sec. 4, effective July 13, 1990.
Effective: July 13, 1990
Terms Used In Kentucky Statutes 65.946
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
History: Created 1990 Ky. Acts ch. 81, sec. 4, effective July 13, 1990.