Title XXIX, Commerce and Trade

(1) No corporation shall hereafter plead or set up the taking of more than the legal rate of interest, as a defense to any action brought against it to recover damages on, or enforce payment of, or other remedy on, any mortgage, bond, note or other obligation, executed or assumed…

liability company, or business or statutory trust. (1) No limited partnership, limited liability company, or business or statutory trust shall hereafter plead or set up the taking of more than the legal rate of interest, as a defense to any action brought against it to recover da…

Where an insurance company, as a condition for a secured loan, requires the borrower to insure his life or the life of another, or his property, with the company, and to assign the policy of insurance to the company as security for the loan and agree to pay the premiums thereon d…

(1) Except as provided in subsections (2), (3), and (4) of this section, a judgment, including a judgment for prejudgment interest, shall bear six percent (6%) interest compounded annually from the date the judgment is entered. A judgment may be for the principal and accrued inte…

Any indebtedness incurred or judgment rendered out of this state is presumed to bear interest in accordance with the provisions of KRS 360.040.

property -- Reports to dealers. (1) Each person engaged in the business of financing loans on personal property sold by dealers to purchasers on credit shall pay interest at the rate of two and one-half percent (2.5%) per annum on holdbacks, reserves or other money withheld from …

Once in each month or oftener, each bank and each institution authorized to deal in bills of exchange shall fix the rates of exchange at which bills shall be purchased and enter them upon the proceedings of the board of directors, designating the difference to be made, if any, on…

Each bank and each institution authorized to deal in bills of exchange shall, each month, transmit copies of its rates of exchange to the Governor for his information and for the information of the General Assembly.

Conditions -- Penalties. (1) The following definitions apply for the purposes of this section: (a) "High-cost home loan" means a loan other than an open-end credit plan or a reverse mortgage transaction in which: 1. The principal amount of the loan is greater than fifteen thousan…

(1) As used in this section, unless the context otherwise requires: (a) "Lender" means a person regularly engaged in the business of selling or financing manufactured homes: 1. Who is an arranger of credit; or 2. Who regularly extends consumer credit that is subject to a finance …

Any person who violates any of the provisions of KRS 360.060 shall be fined not less than ten dollars ($10) nor more than fifty dollars ($50) for each offense.

As used in this subchapter, unless the context otherwise requires: (1) "Business" includes every trade, occupation, and profession; (2) "Debtor in bankruptcy" means a person who is the subject of: (a) An order for relief under Title 11 of the United States Code or a comparable or…

(1) A person knows a fact if the person has actual knowledge of it. (2) A person has notice of a fact if the person: (a) Knows of it; (b) Has received a notification of it; (c) Has reason to know it exists from all of the facts known to the person at the time in question; or (d) …

(1) Except as otherwise provided in subsection (2) of this section, relations among the partners and between the partners and the partnership are governed by the partnership agreement. To the extent the partnership agreement does not otherwise provide, this subchapter governs rel…

(1) Unless displaced by particular provisions of this subchapter, the principles of law and equity supplement this subchapter. (2) If an obligation to pay interest arises under this subchapter and the rate is not specified, then the rate is that specified in KRS 360.010. (3) Subj…

(1) A statement may be filed in the office of Secretary of State. A statement shall satisfy the requirements of KRS 14A.2-010 to 14A.2-150. A filed statement has the effect provided in this subchapter with respect to partnership property located in or transactions that occur in t…

(1) Except as otherwise provided in subsection (2) of this section, the law of the jurisdiction in which a partnership has its chief executive office governs relations among the partners and between the partners and the partnership. (2) The law of this Commonwealth governs relati…

A partnership governed by this subchapter is subject to any amendment to or repeal of this subchapter.

A statement delivered to the Secretary of State for filing, whether submitted by a partnership, a foreign partnership, or otherwise, shall satisfy the requirements of KRS 14A.2-010 to 14A.2-150.

The Secretary of State shall collect the following fees when the statements described in this section are delivered for filing: (1) Statement of Partnership Authority ........................................................ $40.00 (2) Statement of Denial .........................…

A statement filed by or with respect to a partnership shall be effective as provided in KRS 14A.2-070.

The name of a partnership as set forth on a statement of qualification or statement of foreign qualification shall satisfy the requirements of KRS 14A.3-010.

Each limited liability partnership and each foreign limited liability partnership authorized to transact business in the Commonwealth shall continuously maintain in this Commonwealth a registered office and a registered agent that comply with KRS 14A.4- 010.

An agent named pursuant to KRS 362.1-303(1)(a)3. is not a registered agent for the partnership, and service of process is not accomplished against that agent.

Each limited liability partnership and each foreign limited liability partnership authorized to transact business in this Commonwealth shall deliver to the Secretary of State for filing an annual report in the office of the Secretary of State on such form as shall be prescribed b…

partnership authority. (1) The Secretary of State may commence a proceeding to administratively dissolve a statement of qualification if: (a) The limited liability partnership does not deliver its annual report with the Secretary of State on or before the due date; (b) The limite…

(1) A partnership is an entity distinct from its partners. (2) A limited liability partnership is a partnership and continues to be the same entity that existed before the filing of a statement of qualification under KRS 362.1-931.

(1) Except as otherwise provided in subsection (2) of this section, the association of two (2) or more persons to carry on as co-owners a business for profit forms a partnership, whether or not the persons intend to form a partnership. (2) An association formed under a statute ot…

Property transferred to or otherwise acquired by a partnership is property of the partnership and not of the partners individually.

(1) Property is partnership property if acquired in the name of: (a) The partnership; or (b) One (1) or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership but without an …

Subject to the effect of a statement of partnership authority under KRS 362.1-303: (1) Each partner is an agent of the partnership for the purpose of its business. An act of a partner, including the execution of an instrument in the partnership name, for apparently carrying on in…

(1) Partnership property may be transferred as follows: (a) Subject to the effect of a statement of partnership authority under KRS 362.1- 303, partnership property held in the name of the partnership may be transferred by an instrument of transfer executed by a partner in the pa…

(1) A partnership may file a statement of partnership authority, which: (a) Shall include: 1. The name of the partnership, which shall comply with KRS 14A.3-010; 2. The street address of its chief executive office and of one (1) office in this Commonwealth, if any; 3. The names a…

A partner or other person named as a partner in a filed statement of partnership authority or in a list maintained by an agent pursuant to KRS 362.1-303(2) may file a statement of denial stating the name of the partnership, the date of filing of the statement of partnership autho…

(1) A partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a partner acting in the ordinary course of business of the partnership or with authority of the partnership. (2…

(1) Except as otherwise provided in subsections (2) and (3) of this section, all partners are liable jointly and severally for all obligations of the partnership unless otherwise agreed by the claimant or provided by law. (2) A person admitted as a partner into an existing partne…

(1) A partnership may sue and be sued in the name of the partnership. (2) An action may be brought against the partnership and, to the extent not inconsistent with KRS 362.1-306, any or all of the partners in the same action or in separate actions. (3) A judgment against a partne…

(1) If a person, by words or conduct, purports to be a partner or consents to being represented by another as a partner in a partnership or with one (1) or more persons not partners, then the purported partner is liable to a person to whom the representation is made, if that pers…

(1) Each partner is deemed to have an account that is: (a) Credited with an amount equal to the money plus the value of any other property, net of the amount of any liabilities, the partner contributes to the partnership and the partner's share of the partnership profits; and (b)…

(1) A partner, regardless of the nature of the partner's contribution, has no right to demand and receive any distribution in kind from a partnership. A partner shall not be compelled to accept a distribution of any asset in kind from a partnership to the extent that the percenta…

(1) A partnership shall keep its books and records, if any, at its chief executive office. (2) A partnership shall provide partners and their agents and attorneys access to its books and records. It shall provide former partners and their agents and attorneys access to books and …

(1) The fiduciary duties a partner owes to the partnership and the other partners include the duty of loyalty and the duty of care set forth in subsections (2) and (3) of this section. (2) A partner's duty of loyalty to the partnership and the other partners includes, but is not …

(1) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership causing harm to the partnership. (2) A partner may maintain an action against the partnership or another partner for legal or eq…

undertaking. (1) If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, then the rights and duties of the partners remain the same as they were at the expiration…

Partnership property is owned by the partnership as an entity. A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.

The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership and the partner's right to receive distributions. The interest is personal property.