360.027 Excess rate of interest prohibited as defense of limited partnership, limited
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/ky/360-027A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
liability company, or business or statutory trust.
(1)No limited partnership, limited liability company, or business or statutory trust shall
hereafter plead or set up the taking of more than the legal rate of interest, as a
defense to any action brought against it to recover damages on, or enforce payment
of, or other remedy on, any mortgage, bond, note or other obligation, executed or
assumed by such limited partnership, limited liability, or business or statutory trust;
provided, that this section shall not apply to any action instituted subsequent to June
16, 1972, upon any mortgage, bond, note or other obligation executed or assumed
by such limited partnership or business trust prior to June 16, 1972.
(2)The provisions of subsection
(1)of this section shall not apply to a limited
partnership, limited liability company, or business or statutory trust, the principal
asset of which shall be the ownership of a one
(1)or two
(2)family dwelling.