Assignment of Rents and/or Leases
The document must have the following information:
- Name of the Borrower, Lessor, Assignor (KRS 382.430, KRS 382.220)
- Name address of the Lender, Assignee (KRS 382.290(2), KRS 382.335(2))
- Source of Title (KRS 382.110)
- Legal Description (Common Law and OAG 81-100)
- Maturity date (OAG 80-3 & KRS 382.330)
- A Preparation Statement (KRS 382.335)
The clerk shall request a return mail address (KRS 382.240)
The borrower must sign the document, and the signature must be acknowledged.
This document is filed when a borrower uses fees collected under rental or lease agreements as additional security for a mortgage. When it is filed simultaneously with a mortgage, the mortgage should be timed in first. (KRS 289.441)
Statutes covering Assignments of Rents/Leases – See KRS 289.441 & KRS 304.7-230)
Indexing information: The document is indexed in the general index to deeds and mortgages under both parties. The borrower or assignor is the first party, the lender or assignee is the second party.
OAG 80-3 indicates this document may be filed in the deed, mortgage or miscellaneous book. It is the discretion of the clerk. However, the OAG recommends the Mortgage book.
“*The legal process fee of $3.00 is included in this document also due to the wording in OAG 80-3. “The instrument involved here is a unique creature unto itself, but it contains the characteristics of both a deed and a mortgage. It is a straightforward transfer of an interest in realty for a term and thus is like a deed. Yet it also stands as a security for an obligation…”. Both deed and mortgage require a legal process fee.
Boyd County Clerk
Boyd County Courthouse
2800 Louisa St.
Catlettsburg, Ky. 41129
Phone: (606) 739-5116
Email: [email protected]
Cedar Knoll Mall
Phone: (606) 929-9595
335 16th Street
Ashland, Ky. 41101
Phone: (606) 325-3547