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Showing 2 posts from 2023.
New Changes to Kentucky’s Judgment Lien Statute Ends Perpetual Lien Renewal and Imposes New Obligations on Judgment Creditors
In the 2023 regular legislative session, the Kentucky General Assembly passed House Bill No. 83 to revise KRS § 426.720, Kentucky’s judgment lien statute. The bill was signed into law by Governor Beshear on April 6, 2023, and is effective on June 29, 2023. Three (3) major revisions mark the most significant change to the judgment lien statute since its enactment in 1988. First, under the new law, the initial limitations period for judgment liens is reduced from fifteen (15) to ten (10) years. Second, the law limits a judgment creditor’s ability to renew the lien to a single, five (5) year period beyond the initial ten (10) year limitations period. Third, to preserve the lien through a lien enforcement action that remains pending after the limitations period expires, judgment lien creditors must lodge for record a “notice of judgment lien enforcement proceeding” in the county where the notice of judgment lien is recorded. The purpose of this note is to provide a detailed overview of the changes to the judgment lien statute, including new content requirements for all judgment lien notices recorded on or after June 29, 2023, and the major revisions summarized above. More >
How Does Hensley v. Gadd Affect Your Kentucky Short-Term Rental Business?
In Hensley v. Gadd, 560 S.W.3d 516 (2018), the Kentucky Supreme Court found that use of real estate as a short-term rental through a platform such as Airbnb or VRBO is “commercial” and not “residential” in nature and barred the property owner’s short-term rental business. The case therefore has important implications for real estate professionals of all stripes – including real estate brokers, real estate agents, investors, and property managers – with any short-term rental business in Kentucky. More >
