360.025 Excess rate of interest prohibited as defense of corporation.
131 words·~1 min read·
/ky/chapter-360/360-025A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)No corporation 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 corporation: provided, that this section
shall not apply to any action which is now pending or to any suit or action instituted
subsequent to June 16, 1960, upon any mortgage, bond, note or other obligation
executed or assumed by such corporation prior to June 16, 1960.
(2)The provisions of subsection
(1)of this section shall not apply to a corporation, the
principal asset of which shall be the ownership of a one
(1)or two
(2)family
dwelling.