382.290 Recording of mortgages and deeds retaining liens -- Assignment --
674 words·~3 min read·
/ky/382-290A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Discharge -- Form of record -- Clerk's fee.
(1)In recording mortgages and deeds in which liens are retained (except railroad
mortgages securing bonds payable to bearer), there shall be left a blank space
immediately after the record of the deed or mortgage of at least two
(2)full lines for
each note or obligation named in the deed or mortgage, or in the alternative, at the
option of the county clerk, a marginal entry record may be kept for the same
purposes as the blank space. Each entry in the marginal entry record shall be linked
to its respective referenced instrument in the indexing system for the referenced
instruments.
(2)No county clerk or deputy county clerk shall admit to record any mortgage or deed
in which liens are retained unless the mortgage or deed in which a lien is retained
plainly specifies and refers to the immediate source from which the mortgagor or
grantor derived title to the property or the interest encumbered therein.
(3)When any note named in any deed or mortgage is assigned to any other person, the
assignor may, over his own hand, attested by the clerk, note such assignment in the
blank space, or in a marginal entry record, beside a listing of the book and page of
the document being assigned, and when any one
(1)or more of the notes named in
any deed or mortgage is paid, or otherwise released or satisfied, the holder of the
note, and who appears from the record to be such holder, may release the lien, so far
as such note is concerned, by release, over his own hand, attested by the clerk. Each
entry in the marginal entry record shall be linked to its respective referenced
instrument in the indexing system for the referenced instrument.
(4)No person who does not, from such record or assignment of record, appear at the
time to be the legal holder of any note secured by lien in any deed or mortgage, shall
be permitted to release the lien securing any such note, and any release made in
contravention of this section shall be void; but this section does not change the
existing law if no such entry is made.
(5)For each assignment and release so made and attested by the clerk, he may charge a
fee pursuant to KRS 64.012 to be paid by the person executing the release or noting
the assignment.
(6)If such assignment of a note is made by separate instrument or by deed assigning the
note, or in a marginal entry record, the instrument of writing or deed or marginal
entry record shall set forth the date of notes assigned, a brief description of notes,
the name and post office address of assignee, and the deed book and page of the
instrument wherein the lien or mortgage is recorded and the clerk or deputy clerk
receiving such instrument of writing or deed of assignment for record shall at the
option of the county clerk immediately either link the assignment and its filing
location to its respective referenced instrument in the indexing system for the
referenced instrument, or endorse at the foot of the record in the space provided in
subsection
(1)of this section, "The notes mentioned herein (giving a brief
description of notes assigned) have been transferred and assigned to (insert name
and address of assignee) by deed of assignment (or describe instrument) dated and
recorded in deed book .... page ....," and attest such certificate. For making such
notation on the record the clerk shall be allowed a fee pursuant to KRS 64.012 for
each notation so made, to be paid by the party filing the instrument of writing or
deed of assignment.
(7)No holder of a note secured by lien retained in either deed or mortgage shall lodge
for record, and no clerk or deputy clerk shall receive and permit to be lodged for
record, any deed or instrument of writing that does not comply with the provisions
of this section.