Deeds
Assignment of Rents and Leases KRS 286.5-441
The document requires:
• Name of the Borrower, Lessor, Assignor (KRS 382.430, KRS 382.200)
• Name and address of the Lender, Assignee (KRS 382.290(6), 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)
• 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 286.5.441)
OAG 80-3 indicates this document may be filed in the deed, mortgage or miscellaneous book. It is left to the discretion of the clerk. However, the OAG recommends the Mortgage book.
