MATURITY DATE REQUIREMENT ON KENTUCKY MORTGAGES
Kentucky law generally requires that a mortgage on real property state the date and the maturity of the obligations secured. In the case of obligations that are due on demand, it is sufficient to note in the mortgage that such obligations are “due on demand.” The maturity date requirement is not applicable to a mortgage securing a line of credit or a revolving credit plan.
Failure to recite the mortgage date and maturity date renders the instrument non-recordable. Further, failure to note the mortgage date and maturity date on the mortgage instrument may subject the lender to a fine of up to $1,000.00.
The mortgage originally executed and delivered by the borrower to the lender will secure payment of all renewals and extensions of the loan and the note evidencing it, whether specifically provided for in the mortgage or not. While Kentucky law does not require recordation of an extension agreement to evidence the extension of a note, the best practice is to record a simple extension agreement to reflect the change to the maturity date of the loan.