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2021 Kentucky Revised Statutes
Chapter 286 - Kentucky financial services code
Subtitle 286.10 - Title Pledge Lending
286.10-275 Repossession -- Sale of repossessed property.

Universal Citation: KY Rev Stat § 286.10-275 (2021)
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286.10-275 Repossession -- Sale of repossessed property. After the title pledge lender has taken possession of the titled personal property in accordance with KRS 286.10-270, it shall hold the property for a period of not less than twenty (20) days prior to disposal. Interest and fees, other than storage fees under KRS 286.10-260, shall cease to accrue following repossession. During this holding period, the pledgor shall have the sole right to redeem the titled personal property by paying all principal, interest, and fees owing to the title pledge lender, including all repossession and storage fees in KRS 286.10-260. Following the expiration of the twenty (20) day period, the title pledge lender shall have a period of sixty (60) days in which to sell, in a commercially reasonable manner, the titled personal property. Notice of the proposed sale shall be given to the pledgor. Notice of the proposed sale shall also be given to any other secured party from whom the title pledge lender has received written notice prior to the notification sent to the pledgor, of a claim of interest in the titled personal property. The proceeds of the commercially reasonable sale shall be applied to the principal, interest, and all fees set forth in KRS 286.10-260 owed by the pledgor to the title pledge lender. Any surplus amounts shall be remitted to the pledgor. There shall be no further interest charged to the pledgor from the commencement of the sixty (60) day period. Effective: July 15, 1998 History: Created 1998 Ky. Acts ch. 242, sec. 16, effective July 15, 1998. Formerly codified as KRS 368.275 Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
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