“Mortgage guaranty insurance” is insurance against financial loss by reason of nonpayment of principal, interest, rent or other sums agreed to be paid under the terms of any note, bond, lease, or other evidence of indebtedness constituting a charge on real estate, or secured by mortgage, deed of trust, or other instrument constituting a lien on real estate.
Effective: June 18, 1970
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Terms Used In Kentucky Statutes 304.5-100

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010

History: Created 1970 Ky. Acts ch. 301, subtit. 5, sec. 10, effective June 18, 1970.

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