2014 Kentucky Revised Statutes CHAPTER 426 - ENFORCEMENT OF JUDGMENTS 426.522 Public, judicial sale of real or personal property -- When conducted by licensed auctioneer.
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426.522 Public, judicial sale of real or personal property -- When conducted
by licensed auctioneer.
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(3)
(4)
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If real or personal property is sold at public sale under any order or decree of
any court in this state then, upon the request of a creditor or mortgage holder,
the court under whose jurisdiction the sale is to be made may secure the
services of an auctioneer licensed in this state to conduct the public sale, fix
the auctioneer's fee, and order the fee to be paid out of the proceeds of the
sale. The fee:
(a) Shall not exceed six percent (6%) of the sale price on sales of real
property;
(b) Shall not exceed twenty percent (20%) of the sale price on sales of
personal property; and
(c) Shall not include the fees and expenses provided for by rule of the
Supreme Court under KRS 31A.010(4) that are incurred by the master
commissioner for the sale.
Upon the request of the creditor or mortgage holder, when property is ordered
to be sold by a court the master commissioner, as described in KRS Chapter
31A, shall employ a licensed auctioneer to handle the sale upon terms and
conditions acceptable to the creditor or mortgage holder.
If real property is sold at a public sale conducted by a licensed auctioneer, then
the sale shall be conducted on the site of real property to be sold.
If the master commissioner is also a licensed auctioneer, then the master
commissioner shall not receive any extra fee for acting as an auctioneer, but
shall receive fees in his or her capacity as master commissioner or special
commissioner under KRS 31A.010(4).
Nothing contained in this section shall waive any provision of KRS 426.160,
426.200, or 426.560.
Effective:June 8, 2011
History: Created 2011 Ky. Acts ch. 36, sec. 1, effective June 8, 2011.
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