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Code · Kentucky · Chapter 381 — Title to property and restrictions on use, ownership, and alienation

381.9159 Rights of secured lenders.

99 words·~1 min read·/ky/chapter-381/381-9159

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

The declaration may require that all or a specified number or percentage of the mortgagees encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but a requirement for approval shall not operate to:
(1)Deny or delegate control over the general administrative affairs of the association
by the unit owners or the executive board; or
(2)Prevent the association or the executive board from commencing, intervening in, or
settling any litigation or proceeding, or receiving and distributing any insurance
proceeds except as provided in KRS 381.9187.
★   the supreme law of the land   ★
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