Kentucky Debt Collection Laws: Unbridled Spirit

The National List published the white paper on debt collection law in Kentucky, written by James M. “Buck” Lloyd and his law firm Lloyd & McDaniel PLLC. The firm has been a member of The National List since 1993.

Lloyd & McDaniel is successor to the commercial collection law firm opened by Jeremiah A. Lloyd in 1952. The firm practices throughout Kentucky, Indiana and Ohio. Ninety percent of the practice is dedicated to debt collection. Practice areas include commercial collection, retail collection, litigation, and bankruptcy representation. Like the State Slogan, their “Unbridled Spirit” has earned them an AV rating from Martindale Hubbell, which is the highest possible peer review rating. James M.”Buck” Lloyd and Michael V. Brodarick are Board Certified by the American Board of Certification in the areas of Creditors’ Rights and Business Bankruptcy, respectively. The firm has been designated as one of the Top Places to Work in the City of Louisville for two consecutive years.

Buck received his J.D. from Louis Brandeis School of Law at the University of Louisville. He has been working in the debt collection industry for 35 years. His work has taught him “the value of personal integrity, honesty and accountability in our society.” He loves “the pace and energy generated from the practice.” He has been consistently voted one of the top Louisville lawyers and included in Super Lawyers for his area since 2007.

Buck shared something with us about Kentucky law that is not in the paper, but that we want to share with our subscribers. He warned creditors to “be aware of the Kentucky guaranty statute.” Creditors who ignore its requirements of stating the maximum amount and termination date do so at their peril. Noncompliance can result in an unenforceable guaranty. This statute is apparently unique in the U.S. It reads, in part, as follows: “KRS 371.065 Requirements for valid, enforceable guaranty – (1) No guaranty of an indebtedness which either is not written on, or does not expressly refer to, the instrument or instruments being guaranteed shall be valid or enforceable unless it is in writing signed by the guarantor and contains provisions specifying the amount of the maximum aggregate liability of the guarantor there under, and the date on which the guaranty terminates.”

Buck Lloyd

Buck has homes in Louisville, KY, and Naples, FL, where he loves to play golf. He has been married to Sue for 34 years and they have three children, Jon, Courtney, and Katie, who is the 4 th generation of his family in the industry.

The firm is active in the Commercial Law League of America (CLLA) where Buck served on the Board of Governors as YMS representative, Recording Secretary and Attorney Board Member. They are also active in the National Association of Retail Collection Attorneys (NARCA), the Debt Buyers Association (DBA), and American Bankruptcy Institute (ABI). They are a founding member of the Kentucky Creditors’ Rights Bar Association and have been active in pursuing legislation favorable to creditors as well as defending against adverse legislative efforts. Outside of work, the firm supports a number of charities including The Boys and Girls Club of Kentuckiana, Cabbage Patch Settlement House and The Healing Place.

The National List thanks Buck for submitting this paper and for telling us something about himself and his firm. You can access the paper at http://www.nationallist.com/white_papers/kentucky