{"data":{"id":"us-ky/krs-103.250","jurisdiction":"us-ky","citation":"KRS 103.250","heading":"Lien of bondholders on building -- Receiver on default.","body":"(1) A statutory mortgage lien shall exist upon the industrial building so acquired in\nfavor of the holders of the bonds and coupons. The industrial building so acquired\nshall remain subject to the statutory mortgage lien until the payment in full of the\nprincipal of the bonds, and all interest due thereon. Said statutory mortgage lien\nshall be effective from and after the recording of a lease of the property, which has\nbeen acquired by the issuer of the bonds, to the lessee corporation, and said lien\nshall atta ch to all of the property described in said lease, including machinery,\nequipment and appurtenances described therein in either general or specific terms.\nNo filing or recording or notice of said lien on property held or thereafter acquired\nby the issuer from the proceeds of the bonds shall be required under the Uniform\nCommercial Code.\n(2) If there is any default in the payment of principal or interest of any bond, any court\nhaving jurisdiction of the action may appoint a receiver to administer the indust rial\nbuilding on behalf of the city or county, as the case may be, with power to charge\nand collect rents sufficient to provide for the payment of any bonds or obligations\noutstanding against the building, and for the payment of operating expenses, and to\napply the income and revenue in conformity with KRS 103.200 to 103.280 and the\nordinance referred to in KRS 103.210.","path":["KRS Chapter 103"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=27010","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:07Z","sha256":"7b74a332bfc874703d633cd3cba995d85dd174f054161f34b0095fe550425295","source_id":"us-ky","stale":false,"prev":"us-ky/krs-103.246","next":"us-ky/krs-103.251"},"notice":"GroundRules: Original legal text. Not legal advice."}