Kentucky Statutes 411.195 – Enforceability of written agreement to pay attorney fees in event of default
Current as of: 2024 | Check for updates
|
Other versions
Any provisions in a writing which create a debt, or create a lien on real property, requiring the debtor, obligor, lienor or mortgagor to pay reasonable attorney fees incurred by the creditor, obligee or lienholder in the event of default, shall be enforceable, provided, however, such fees shall only be allowed to the extent actually paid or agreed to be paid, and shall not be allowed to a salaried employee of such creditor, obligor or lienholder.
Effective: July 13, 1984
History: Repealed and reenacted as a new section of this chapter 1984 Ky. Acts ch.
111, sec. 164, effective July 13, 1984. — Created 1980 Ky. Acts ch. 169, sec. 1, effective July 15, 1980.
Formerly codified as KRS § 453.250.
Effective: July 13, 1984
Terms Used In Kentucky Statutes 411.195
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
History: Repealed and reenacted as a new section of this chapter 1984 Ky. Acts ch.
111, sec. 164, effective July 13, 1984. — Created 1980 Ky. Acts ch. 169, sec. 1, effective July 15, 1980.
Formerly codified as KRS § 453.250.