{"data":{"id":"us-ky/krs-66.021","jurisdiction":"us-ky","citation":"KRS 66.021","heading":"Bonds as negotiable instruments -- Presumption of validity.","body":"(1) Bonds lawfully authorized and issued by an issuer, subject to applicable provisions\nfor registration or of the proceedings of the issuance, are negotiable instruments.\n(2) Unless a judicial action or proceeding challenging the validity of bonds is\ncommenced by personal service on the chief executive officer of the issuer, prior to\nthe initial delivery of the bonds, the bonds and the proceedings relating to them are\nincontestable and the bonds shall be conclusively considered to be and to have been\nissued, s ecured, entered into, payable, sold, executed, and delivered, and the\nproceedings relating to them taken, in conformity with all legal requirements, if all\nof the following apply:\n(a) They state that they are issued or entered into under or pursuant to aut horizing\nprovisions of law and comply on their face with those provisions;\n(b) They are issued or entered into for a public purpose, as stated in the bonds or\nthe legislation authorizing their issuance, and within any limitations\nprescribed by law;\n(c) Their purchase price, if any, has been paid in full; and\n(d) The transcript of the proceedings contains a statement by the officer having\ncharge of the applicable records, or by the chief executive officer of the issuer,\nthat all the proceedings were held in compliance with law, which statement\ncreates a conclusive presumption that the proceedings were held in\ncompliance with all laws, including, as applicable, KRS 61.800.","path":["KRS Chapter 66"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23566","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:23Z","sha256":"b21a790b3cc720fbfb4a966e135b65ab627b6a0eaffd9b04bf15f08eefd58a9c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-66.020","next":"us-ky/krs-66.030"},"notice":"GroundRules: Original legal text. Not legal advice."}