Kentucky Statutes 246.285 – Powers of Commissioner concerning assets of Kentucky Rural Rehabilitation Corporation
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(1) The Commissioner of Agriculture of the State of Kentucky is authorized and empowered to:
(a) Collect, compromise, adjust or cancel claims and obligations arising out of or administered under KRS § 246.270 to KRS § 246.290 or under any mortgage, lease, contract or agreement entered into or administered pursuant to KRS § 246.270 to KRS § 246.290 and, if in his judgment, necessary and advisable, pursue the same to final collection in any court having jurisdiction;
(b) Bid for and purchase at any execution, foreclosure or other sale, or otherwise to acquire property upon which the Secretary has a lien by reason of a judgment or execution, or which is pledged, mortgaged, conveyed or which otherwise secures any loan or other indebtedness owing to or acquired by the Secretary under KRS § 246.270 to KRS § 246.290; and
(c) Accept title to any property so purchased or acquired; to operate or lease such property for such period as may be deemed necessary to protect the investment therein; and to sell or otherwise dispose of such property in a manner consistent with the provisions of KRS § 246.270 to KRS § 246.290.
(2) The authority herein contained may be delegated to the Secretary of Agriculture of the United States with respect to funds and assets transferred to him pursuant to KRS § 246.275.
History: Created 1952 Ky. Acts ch. 168, sec. 4.
(a) Collect, compromise, adjust or cancel claims and obligations arising out of or administered under KRS § 246.270 to KRS § 246.290 or under any mortgage, lease, contract or agreement entered into or administered pursuant to KRS § 246.270 to KRS § 246.290 and, if in his judgment, necessary and advisable, pursue the same to final collection in any court having jurisdiction;
Terms Used In Kentucky Statutes 246.285
- Agriculture: means the business of raising or producing:
(a) Crops, the products of which are used for food, feed, fiber, energy, or pharmaceuticals. See Kentucky Statutes 246.010 - Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Commissioner of Agriculture. See Kentucky Statutes 246.010
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) Bid for and purchase at any execution, foreclosure or other sale, or otherwise to acquire property upon which the Secretary has a lien by reason of a judgment or execution, or which is pledged, mortgaged, conveyed or which otherwise secures any loan or other indebtedness owing to or acquired by the Secretary under KRS § 246.270 to KRS § 246.290; and
(c) Accept title to any property so purchased or acquired; to operate or lease such property for such period as may be deemed necessary to protect the investment therein; and to sell or otherwise dispose of such property in a manner consistent with the provisions of KRS § 246.270 to KRS § 246.290.
(2) The authority herein contained may be delegated to the Secretary of Agriculture of the United States with respect to funds and assets transferred to him pursuant to KRS § 246.275.
History: Created 1952 Ky. Acts ch. 168, sec. 4.