184.300 Parties in action to foreclose lien -- Application of proceeds -- Pleadings --
166 words·~1 min read·
/ky/184-300A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Purchase at sale by district. In any action to foreclose its lien brought by the road district or by any bondholder, it shall not be necessary to make the other bondholders parties. The proceeds of the suit shall be paid to the treasurer of the district and by him applied to the redemption of matured bonds as if the payment had been made without suit. In such a suit, an allegation in substance that the improvement of the road had been duly made and completed and such assessment levied therefor and bonds for unpaid portion of the cost had been issued pursuant to resolutions and proceedings duly adopted and had by the board of directors in accordance with law, shall be a sufficient pleading of such resolutions and proceedings without setting the same out in full or making further reference thereto.
The road district is hereby authorized to bid an amount not in excess of its lien and costs for any property sold in such suit.