The Kentucky Order for Adequate Protection Payments and Opportunity to Object (OPP) is a form issued by the Kentucky Department of Financial Institutions (DFI). This form is used to protect the rights of creditors in construction and other secured transactions. The OPP provides a mechanism for creditors to receive adequate protection payments and to object to certain actions taken by the debtor. There are two types of OPP: 1. Pre-open OPP: The pre-open OPP is issued when a debtor takes out a loan or other secured transaction, and provides the creditor with an opportunity to receive adequate protection payments and to object to any actions taken by the debtor that may affect the creditor’s interest in the secured transaction. 2. Post-Lien OPP: The post-lien OPP is issued when the debtor has taken certain actions that affect the rights of the creditor. This includes things like the debtor selling or transferring the property, or failing to make payments. The post-lien OPP provides the creditor with an opportunity to receive adequate protection payments and to object to the action taken by the debtor.
Kentucky Order for Adequate Protection Payments and Opportunity to Object
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