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103.250 Lien of bondholders on building -- Receiver on default.

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103.250 Lien of bondholders on building -- Receiver on default. (1) A statutory mortgage lien shall exist upon the industrial building so acquired in favor of the holders of the bonds and coupons. The industrial building so acquired <br>shall remain subject to the statutory mortgage lien until the payment in full of the <br>principal of the bonds, and all interest due thereon. Said statutory mortgage lien <br>shall be effective from and after the recording of a lease of the property, which has <br>been acquired by the issuer of the bonds, to the lessee corporation, and said lien <br>shall attach to all of the property described in said lease, including machinery, <br>equipment and appurtenances described therein in either general or specific terms. <br>No filing or recording or notice of said lien on property held or thereafter acquired <br>by the issuer from the proceeds of the bonds shall be required under the Uniform <br>Commercial Code. (2) If there is any default in the payment of principal or interest of any bond, any court having jurisdiction of the action may appoint a receiver to administer the industrial <br>building on behalf of the city or county, as the case may be, with power to charge <br>and collect rents sufficient to provide for the payment of any bonds or obligations <br>outstanding against the building, and for the payment of operating expenses, and to <br>apply the income and revenue in conformity with KRS 103.200 to 103.280 and the <br>ordinance referred to in KRS 103.210. History: Amended 1976 Ky. Acts ch. 241, sec. 4. -- Created 1966 Ky. Acts ch. 119, secs. 2(2) and 3.