(1) The title to all property acquired for purposes of KRS § 212.350 to KRS § 212.620, real, personal and mixed, whether acquired by deed, gift, purchase, devise, condemnation, or otherwise, shall vest in the board and shall be exempt from taxation. The board shall have the power, in its discretion, to sell or exchange any property, except real estate, which it owns, and it shall not be the duty of any person dealing with the board to look to the application of the proceeds of such sale or exchange.
(2) The board shall not have the power to sell, mortgage, transfer, or exchange any real estate which it may at any time own, except real estate which it receives as provided in KRS § 212.490 to KRS § 212.510, without the approval of the city by resolution of its legislative body duly approved by the mayor, and the approval of the fiscal court of the county by resolution duly adopted by said fiscal court.

Terms Used In Kentucky Statutes 212.580

  • City: includes town. See Kentucky Statutes 446.010
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010

History: Created 1942 Ky. Acts ch. 41, sec. 18.

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