376.0 50 Mortgage for building or improvement purposes to state facts -- Misapplication of proceeds. (1) Any mortgage taken to secure a loan made for the purpose of erecting, improving or adding to a building shall state such facts. (2) No person shall willfu lly misappropriate or misapply the proceeds received from such a loan. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 2467.
Kentucky Legal Code