KY House Bill 488

Legislation

State: Kentucky
Signed: April 09, 2024

Effective: July 01, 2024
Chapter: 130

Summary

House Bill 488 requires signatures to be acknowledged before a Notary on any amendment, renewal, modification, or extension of a recorded mortgage, and a memorandum of function as an extension of a lien in a recorded deed.

Affects

Amends Sections 382.297 and 413.100 of the Kentucky Revised Statutes.

Changes

Requires a county clerk to admit to record any amendment, renewal, modification, or extension of a recorded mortgage.
Requires an amendment, renewal, modification, or extension of a recorded mortgage to be signed by each mortgagor and the mortgagee and acknowledged before a Notary Public.
Provides that a promise, acknowledgment, or payment of money by any person bound on any bond or obligation for the payment of money secured by a lien cannot operate as an extension of the time within which the lien may be enforced as against purchasers or creditors, unless before expiration of the limitations period for enforcement of the debt under KRS 413.090(2) or 413.160, as applicable
Requires a memorandum notice of the extension of the time within which a lien secured by a recorded deed may be enforced against purchasers or creditors to be signed by each promisor and the holder of the lien and acknowledged before a Notary Public.

Analysis

House Bill 488 makes it a formal requirement to have the signatures of each mortgagor and mortgagee on an amendment, renewal, modification, or extension of a recorded mortgage acknowledged before a Notary Public. It also establishes when a promise, acknowledgment, or payment of money in a memorandum of notice, which must be signed by the promisor and the holder and acknowledged before a Notary, operates as an extension of a lien in a recorded deed.

Read House Bill 488.