60-1011. Equity skimming; damage, costs, fees.
60-1011
60-1011. Equity skimming; damage, costs, fees.(a) Nothing provided in this act shall prohibit the right of adefendant owner to sell and transfer the rights of the defendant owner to anassignee or transferee pursuant to K.S.A. 60-2414 and amendments thereto.
(b) A defendant owner, the tenant of a person subject to civil actionas provided in this act or the holder of the mortgage before a sheriff's saleand holder of the certificate of purchase during the period of redemption,shall each have the right to maintain a civil action under the code of civilprocedure against any person, corporation, limited liability company, generalpartnership, limited partnership or joint venture, referred to hereinafter as aperson who engaged in the purchase of one, two, three or four family dwellings,including condominiums and cooperatives, or the acquisitions of any right,title or interest therein, including any equity or redemption interests, whichare subject to a loan in default at time of purchase or in default within oneyear subsequent to the purchase if: (1) The loan is secured by a mortgage; (2)the person fails to notify the mortgage holder or holder of the certificate ofpurchase of the interest acquired, in writing, within 20 days after purchase;and (3) the person fails to apply the rent proceeds from such dwellings to themortgage as the payments come due, regardless of whether the purchaser isobligated on the loan.
(c) The civil action may allow recovery of all actual damages, court costsand attorney fees in addition to recovery of all rents received by theperson.
History: L. 1992, ch. 167, § 2; July 1.