Ky. Rev. Stat. » Chapter 376
Kentucky Revised Statutes

Ky. Rev. Stat. § 376.050 (2026)

Mortgage for building or improvement purposes to state facts --

✓ current as of May 2026
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Misapplication of proceeds.

(1) Any mortgage taken to secure a loan made for the purpose of erecting, improving or adding to a building shall state such facts.

(2) No person shall willfully misappropriate or misapply the proceeds received from such a loan. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2467.

Notes of Decisions
Cited in 1 case, 1969–1969 · leading case: Mathis v. Ivor Lands, Inc., 442 S.W.2d 301 (Ky. Ct. App. 1969).
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Mathis v. Ivor Lands, Inc., 442 S.W.2d 301 (Ky. Ct. App. 1969). “” KRS 376.050 is cited. This statute provides that: “(1) Any mortgage taken to secure a loan made for the purpose of erecting, improving or adding to a building shall state such facts.”
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