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286.10-275 Repossession -- Sale of repossessed property.
After the title pledge lender has taken possession of the titled personal property in
accordance with KRS 286.10-270, it shall hold the property for a period of not less
than twenty (20) days prior to disposal. Interest and fees, other than storage fees
under KRS 286.10-260, shall cease to accrue following repossession. During this
holding period, the pledgor shall have the sole right to redeem the titled personal
property by paying all principal, interest, and fees owing to the title pledge lender,
including all repossession and storage fees in KRS 286.10-260. Following the
expiration of the twenty (20) day period, the title pledge lender shall have a period of
sixty (60) days in which to sell, in a commercially reasonable manner, the titled
personal property. Notice of the proposed sale shall be given to the pledgor. Notice
of the proposed sale shall also be given to any other secured party from whom the
title pledge lender has received written notice prior to the notification sent to the
pledgor, of a claim of interest in the titled personal property. The proceeds of the
commercially reasonable sale shall be applied to the principal, interest, and all fees
set forth in KRS 286.10-260 owed by the pledgor to the title pledge lender. Any
surplus amounts shall be remitted to the pledgor. There shall be no further interest
charged to the pledgor from the commencement of the sixty (60) day period.
Effective:July 15, 1998
History: Created 1998 Ky. Acts ch. 242, sec. 16, effective July 15, 1998.
Formerly codified as KRS 368.275
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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