2014 Kentucky Revised Statutes CHAPTER 131 - DEPARTMENT OF REVENUE 131.520 Surrender of property upon which levy made -- Effect of surrender or failure to do so.
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131.520 Surrender of property upon which levy made -- Effect of surrender or
failure to do so.
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Any person in possession of or obligated with respect to property or rights to
property subject to levy upon which a levy has been made shall, upon demand
of the commissioner or his delegate, surrender such property or rights or
discharge such obligation to the commissioner or his delegate, except such
part of the property or rights as is, at the time of such demand, subject to an
attachment or execution under any judicial process.
Any person who fails or refuses to surrender any property or rights to property
subject to levy shall be liable in his own person and estate to the
Commonwealth in a sum equal to the value of the property or rights not so
surrendered, but not exceeding the amount of taxes for the collection of which
such levy has been made, together with costs and interest on such sum at the
rate of twelve percent (12%) per annum from the date of such levy. Any
amount other than costs recovered under this paragraph shall be credited
against the tax liability for the collection of which such levy was made.
Any person in possession of or obligated with respect to property or rights to
property subject to levy upon which a levy has been made who, upon demand
by the commissioner or his delegate, surrenders such property or rights to
property or discharges such obligation to the commissioner or his delegate
shall be discharged from any obligation or liability to the delinquent taxpayer
with respect to such property or rights to property arising from such surrender
or payment.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 143, effective June 20, 2005. -Amended 1982 Ky. Acts ch. 238, sec. 2, effective July 15, 1982. -- Created 1980
Ky. Acts ch. 262, sec. 3, effective July 15, 1980.
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