Download as PDF
393.120 Sale of property required to be liquidated to pay department.
(1)
(2)
Tangible personal property required by this chapter to be liquidated in order to
permit payment to the department shall be delivered to the master commissioner of
the county in which such property is located. The master commissioner shall within
a reasonable time advertise the property for sale in accordance with KRS Chapter
424 and shall sell it at public auction to the highest bidder. The master
commissioner shall pay to the department the proceeds of such sale, less costs
incidental to the liquidation or any legal proceedings, and any liabilities against the
property which have been properly claimed and approved.
For intangible personal property required by this chapter to be liquidated so as to
permit payment to the department, the department shall require the agencies or
holders of abandoned intangible personal property to sell or dispose of the property
on a given date at the quoted market value in the case of property listed in
recognized market exchanges, or, in the case of property not listed in a recognized
market exchange, at a price recommended by the department or at the highest price
offered at a public sale, whichever is greater. In the event that the intangible
property is of a nature such that there is not a readily available market, the
department may offer the property to the highest bidder at public sale at Frankfort,
or in whatever city in the state affords, in its judgment, the most favorable market
for the particular property involved. If a sale is required to permit payment to the
department, the department may decline the highest bid and reoffer the property for
sale if it considers the price offered insufficient. The sale shall be advertised by
publication pursuant to KRS Chapter 424 in the county where the property was
found or abandoned, and in the county where the sale is to be made. The sale shall
be held at the courthouse door.
Effective: March 10, 1994
History: Amended 1994 Ky. Acts ch. 58, sec. 9, effective March 10, 1994. -- Amended
1976 Ky. Acts ch. 155, sec. 28, effective June 16, 1976. -- Amended 1966 Ky. Acts
ch. 239, sec. 222. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 1612.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.