KRS 381.221: Termination and preservation of forfeiture restrictions created before July

1, 1960.

(1) Every possibility of reverter and right of entry created prior to July 1, 1960, shall

cease to be valid or enforceable at the expiration of thirty (30) years afte r the

effective date of the instrument creating it, unless before July 1, 1965, a declaration

of intention to preserve it is filed for record with the county clerk of the county in

which the real property is located.

(2) The declaration shall be entitled "Declaration of Intention to Preserve Restrictions

on the Use of Land," and shall set forth:

(a) The name of the record owner or owners of the fee in the land against whom

the possibility of reverter or right of entry is intended to be preserved;

(b) The names and addresses of the persons intending to preserve the possibility

of reverter or right of entry;

(c) A description of the land;

(d) The terms of the restriction;

(e) A reference to the instrument creating the possibility of reverter or right of

entry and to the place where such instrument is recorded. The declaration shall

be signed by each person named therein as intending to preserve the

possibility of reverter or right of entry and shall be acknowledged or proved in

the manner required to enti tle a conveyance of real property to be recorded.

The county clerk shall record the declaration in the record of deeds and shall

index it in the general index of deeds in the same manner as if the record

owner or owners of the land were the grantor or gran tors and the persons

intending to preserve the possibility of reverter or right of entry were the

grantees in a deed of conveyance. For indexing and recording the clerk shall

receive the same fees as are allowed for indexing and recording deeds.