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139.660 Security for compliance with chapter.
(1)
(2)
(3)
(4)
(5)
(6)
Whenever it is deemed necessary to insure compliance with this chapter, the
department may require any person subject thereto to place with it such
security as the department may determine. The amount of the security shall be
fixed by the department but, except as provided in subsection (2), shall not be
greater than twice the estimated average liability of persons filing returns for
quarterly periods or three (3) times the estimated average liability of persons
required to file returns for monthly periods, determined in such manner as the
department deems proper.
In case of persons habitually delinquent in their obligations under this chapter,
the amount of the security shall not be greater than three (3) times the average
liability of persons filing returns for quarterly periods or five (5) times the
average liability of persons required to file returns for monthly periods.
The limitations herein provided apply regardless of the type of security placed
with the department.
The amount of the security may be increased or decreased by the department
subject to the limitations herein provided.
(a) The department may sell the security at public auction if it becomes
necessary to do so in order to recover any tax, interest or penalty due.
Security in the form of a bearer bond issued by the United States or any
state or local governmental unit which has a prevailing market price may,
however, be sold by the department at a private sale at a price not lower
than the prevailing market price thereof.
(b) The department shall give notice of the date, time and place of the sale to
the person who placed the security by certified mail addressed to him at
his last known address as it appears in the records of the department, or
delivery to such person.
(c) Delivery means handing it to such person or leaving it at his place of
business with the person in charge thereof; or, if there is no one in
charge, leaving it in a conspicuous place therein; or, if the place of
business is closed or the person to be served has no place of business,
leaving it at his dwelling house with some person of suitable age and
discretion residing therein. Said notice, if by certified mail, shall be
postmarked no later than ten (10) days prior to said sale; if by delivery,
said notice shall be given no later than ten (10) days prior to said sale.
Upon any sale any surplus above the amounts due shall be returned to the
person who placed the security.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 437, effective June 20, 2005. -Amended 1976 Ky. Acts ch. 155, sec. 20. -- Amended 1972 Ky. Acts ch. 84,
Pt. I, sec. 3. -- Created 1960 Ky. Acts ch. 5, Art. I, sec. 63, effective February 5,
1960.
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