Kentucky Statutes 190.124 – Statute of limitations on action for breach of retail installment contract
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(1) The holder of a retail installment contract shall commence an action against the retail buyer to recover monetary damages or other relief for breach of the retail installment contract within the earlier of the following:
(a) Four (4) years after the maturity date of the retail installment contract;
(b) If the motor vehicle has been repossessed, voluntarily or involuntarily, four (4) years after the date the motor vehicle was sold or otherwise disposed of by the repossessing retail seller, sales finance company, or other owner of the retail installment contract; or
(c) If the maturity date is accelerated by reason of default, regardless of whether the motor vehicle has been repossessed, within four (4) years of the accelerated maturity date.
(2) The provisions of this section shall control over any contrary provision of KRS Chapter 413.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 242, sec. 62, effective July 12, 2006.
(a) Four (4) years after the maturity date of the retail installment contract;
Terms Used In Kentucky Statutes 190.124
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Motor vehicle: means every vehicle intended primarily for use and operation on the public highways that is self-propelled, including low-speed motor vehicles as defined in KRS §. See Kentucky Statutes 190.010
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
(b) If the motor vehicle has been repossessed, voluntarily or involuntarily, four (4) years after the date the motor vehicle was sold or otherwise disposed of by the repossessing retail seller, sales finance company, or other owner of the retail installment contract; or
(c) If the maturity date is accelerated by reason of default, regardless of whether the motor vehicle has been repossessed, within four (4) years of the accelerated maturity date.
(2) The provisions of this section shall control over any contrary provision of KRS Chapter 413.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 242, sec. 62, effective July 12, 2006.