371.065 Requirements for valid, enforceable guaranty.

170 words·~1 min read·/ky/chapter-371/371-065

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)No guaranty of an indebtedness which either is not written on, or does not expressly

refer to, the instrument or instruments being guaranteed shall be valid or

enforceable unless it is in writing signed by the guarantor and contains provisions

specifying the amount of the maximum aggregate liability of the guarantor

thereunder, and the date on which the guaranty terminates. Termination of the

guaranty on that date shall not affect the liability of the guarantor with respect to:

(a)Obligations created or incurred prior to the date; or

(b)Extensions or renewals of, interest accruing on, or fees, costs or expenses

incurred with respect to, the obligations on or after the date.

(2)Notwithstanding any other provision of this section, a guaranty may, in addition to

the maximum aggregate liability of the guarantor specified therein, guarantee

payment of interest accruing on the guaranteed indebtedness, and fees, charges and

costs of collecting the guaranteed indebtedness, including reasonable attorneys' fees,

without specifying the amount of the interest, fees, charges and costs.