Kentucky Statutes 286.10-200 – Definitions for KRS 286.10-200 to 286.10-285 and KRS 286.10-991
Current as of: 2024 | Check for updates
|
Other versions
As used in KRS § 286.10-200 to KRS § 286.10-285 and KRS § 286.10-991, unless the context requires otherwise:
(1) “Capital” means the assets of a business entity less the liabilities of that business entity. Assets and liabilities shall be measured according to generally accepted accounting principles or relevant pronouncements of the financial accounting standards board;
(2) “Department” means the Department of Financial Institutions;
(3) “Person” means any sole proprietorship, general partnership, corporation, limited liability company, or limited liability partnership duly qualified to do business in Kentucky;
(4) “Pledgor” means any individual who executes a title pledge agreement as defined in subsection (5) of this section;
(5) “Title pledge agreement” means a thirty (30) day written agreement whereby a title pledge lender agrees to make a loan of money to a pledgor, and the pledgor agrees to give the title pledge lender a security interest in unencumbered titled personal property owned by the pledgor, subject to the terms and conditions of KRS § 286.10-
200 to 286.10-285 and KRS § 286.10-991. A pledgor shall have no personal liability on a title pledge agreement and a title pledge agreement shall not be considered a debt transaction for any purpose of law;
(6) “Title pledge lender” means any person engaged in the business of making title pledge agreements;
(7) “Title pledge office” means the location at which, or premises in which, a title pledge lender regularly conducts business; and
(8) “Titled personal property” means any personal property the ownership of which is evidenced and delineated by a state issued certificate of title but shall not include mobile homes.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 822, effective July 15, 2010. — Created
1998 Ky. Acts ch. 242, sec. 1, effective July 15, 1998.
Formerly codified as KRS § 368.200.
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.
(1) “Capital” means the assets of a business entity less the liabilities of that business entity. Assets and liabilities shall be measured according to generally accepted accounting principles or relevant pronouncements of the financial accounting standards board;
Terms Used In Kentucky Statutes 286.10-200
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Department: means the Department of Financial Institutions. See Kentucky Statutes 286.1-010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- Personal property: All property that is not real property.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
(2) “Department” means the Department of Financial Institutions;
(3) “Person” means any sole proprietorship, general partnership, corporation, limited liability company, or limited liability partnership duly qualified to do business in Kentucky;
(4) “Pledgor” means any individual who executes a title pledge agreement as defined in subsection (5) of this section;
(5) “Title pledge agreement” means a thirty (30) day written agreement whereby a title pledge lender agrees to make a loan of money to a pledgor, and the pledgor agrees to give the title pledge lender a security interest in unencumbered titled personal property owned by the pledgor, subject to the terms and conditions of KRS § 286.10-
200 to 286.10-285 and KRS § 286.10-991. A pledgor shall have no personal liability on a title pledge agreement and a title pledge agreement shall not be considered a debt transaction for any purpose of law;
(6) “Title pledge lender” means any person engaged in the business of making title pledge agreements;
(7) “Title pledge office” means the location at which, or premises in which, a title pledge lender regularly conducts business; and
(8) “Titled personal property” means any personal property the ownership of which is evidenced and delineated by a state issued certificate of title but shall not include mobile homes.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 822, effective July 15, 2010. — Created
1998 Ky. Acts ch. 242, sec. 1, effective July 15, 1998.
Formerly codified as KRS § 368.200.
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.