2014 Kentucky Revised Statutes CHAPTER 91 - FINANCE AND REVENUE OF CITIES OF THE FIRST CLASS 91.511 Discharge of lien or satisfaction of judgment -- Redemption.
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91.511 Discharge of lien or satisfaction of judgment -- Redemption.
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At any time prior to the sale of the property any person having any right, title or
interest in, or lien upon, any parcel of real estate described in the petition may
discharge any city lien or satisfy a judgment in favor of the city as to said parcel
of real estate by paying to the collector all of the sums mentioned therein,
including the principal, interest, penalties, and costs then due.
If the property is sold pursuant to the judgment or order of the court and does
not bring its most recent assessed value certified by the Department of
Revenue to the county clerk as required by KRS 133.180, the owner may
redeem it within sixty (60) days from the day of the sale, by paying the
purchaser the original purchase money and interest at eighteen percent (18%)
per annum. Any owner who redeems his land shall take a receipt from the
purchaser and lodge it with the clerk of the court. The receipt shall be entered
upon the records of the court.
The owner may tender the redemption money to the purchaser, his agent or
attorney, if found in the county where the land lies or in the county in which the
judgment was obtained or order of sale made. If the money is refused, or if the
purchaser does not reside in either of the counties, the owner may, before the
expiration of the right of redemption, go to the clerk of the court in which the
judgment was rendered or the order made, and make affidavit of the tender
and refusal, or that the purchaser or his agent or attorney do not reside in
either of the counties. He may then pay to the clerk the redemption money, and
the clerk shall give receipt therefor and file the affidavit among the papers of
the action.
When the right of redemption exists, the owner may remain in possession of
the property until it expires. Real property so sold shall not be conveyed to the
purchaser until the right of redemption has expired. If it is redeemed, the sale
shall, from and after the redemption or from and after the deposit of the
redemption money with the clerk, be null and void.
In the event of failure to redeem within the period provided for redemption, the
owner or any other party in interest shall be barred forever of all his right, title
and interest in and to the parcel of real estate described in the petition.
Upon redemption, as permitted by this section, the person redeeming shall be
entitled to a certificate of redemption from the collector describing the property
in the same manner as it is described in the petition and the collector shall
thereupon note on his records the word "redeemed" and the date of the
payment opposite the description of the parcel of real estate.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 102, effective June 20, 2005. -Amended 1982 Ky. Acts ch. 409, sec. 9, effective July 15, 1982. -- Created 1980
Ky. Acts ch. 47, sec. 10, effective July 15, 1980.
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