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190.124 Statute of limitations on action for breach of retail installment contract.

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Page 1 of 1 190.124 Statute of limitations on action for breach of retail installment contract. (1) The holder of a retail installment contract shall commence an action against the retail buyer to recover monetary damages or other relief for breach of the retail <br>installment contract within the earlier of the following: <br>(a) Four (4) years after the maturity date of the retail installment contract; <br>(b) If the motor vehicle has been repossessed, voluntarily or involuntarily, four (4) years after the date the motor vehicle was sold or otherwise disposed of by <br>the repossessing retail seller, sales finance company, or other owner of the <br>retail installment contract; or (c) If the maturity date is accelerated by reason of default, regardless of whether the motor vehicle has been repossessed, within four (4) years of the <br>accelerated maturity date. (2) The provisions of this section shall control over any contrary provision of KRS Chapter 413. Effective: July 12, 2006 <br>History: Created 2006 Ky. Acts ch. 242, sec. 62, effective July 12, 2006.