KRS § 382.290 — KY Code / Title XXXII / Chapter 382 / Section 382.290
382.290 Recording of mortgages and deeds retaining liens -- Assignment -- Discharge -- Form of record -- Clerk's fee
Status: in_force

382.290 Recording of mortgages and deeds retaining liens -- Assignment --

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.