Kentucky Statutes 155.230 – Reasonable attorneys’ fees, provision for
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In any legal action brought by a business development corporation to obtain the collection or repayment of a defaulted loan, as part of a successful judgment against the debtor or guarantor the business development corporation shall be entitled to an award of reasonable attorneys’ fees incurred in the recovery of the defaulted loan, provided that a provision therefor is contained in the loan documents signed by the debtor or guarantor as part of a loan transaction between the debtor or guarantor and the business development corporation.
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 360, sec. 3, effective July 15, 1980.
Effective: July 15, 1980
Terms Used In Kentucky Statutes 155.230
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
History: Created 1980 Ky. Acts ch. 360, sec. 3, effective July 15, 1980.