KRS 371.040: Bonds, bills and notes assignable -- Effect of assignment.

All bonds, bills or notes for money or property are assignable so as to vest the right of

action in the assignee; but, except in the case of negotiable instruments, the assignment

shall not impair the right to any defense, discount or set -off that the defe ndant has and

might have used against the original obligee, or any intermediate assignor, before the

defendant received notice of the assignment.