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286.10-200 Definitions for KRS 286.10-200 to 286.10-285 and KRS 286.10-991.
As used in KRS 286.10-200 to 286.10-285 and KRS 286.10-991, unless the context
requires otherwise:
(1) "Capital" means the assets of a business entity less the liabilities of that
business entity. Assets and liabilities shall be measured according to generally
accepted accounting principles or relevant pronouncements of the financial
accounting standards board;
(2) "Department" means the Department of Financial Institutions;
(3) "Person" means any sole proprietorship, general partnership, corporation,
limited liability company, or limited liability partnership duly qualified to do
business in Kentucky;
(4) "Pledgor" means any individual who executes a title pledge agreement as
defined in subsection (5) of this section;
(5) "Title pledge agreement" means a thirty (30) day written agreement whereby a
title pledge lender agrees to make a loan of money to a pledgor, and the
pledgor agrees to give the title pledge lender a security interest in
unencumbered titled personal property owned by the pledgor, subject to the
terms and conditions of KRS 286.10-200 to 286.10-285 and KRS 286.10-991.
A pledgor shall have no personal liability on a title pledge agreement and a title
pledge agreement shall not be considered a debt transaction for any purpose
of law;
(6) "Title pledge lender" means any person engaged in the business of making title
pledge agreements;
(7) "Title pledge office" means the location at which, or premises in which, a title
pledge lender regularly conducts business; and
(8) "Titled personal property" means any personal property the ownership of which
is evidenced and delineated by a state issued certificate of title but shall not
include mobile homes.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 822, effective July 15, 2010. -Created 1998 Ky. Acts ch. 242, sec. 1, effective July 15, 1998.
Formerly codified as KRS 368.200.
Legislative Research Commission Note (7/12/2006). In accordance with 2006
Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a
section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS
references within this statute have been adjusted to conform with the 2006
renumbering of that code.
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