The title pledge lender may record the lender’s security interest in titled personal property by noting liens on the certificate of title for all title pledge transactions. The title pledge lender may require the pledgor to execute a power of attorney at the time of the signing of the title pledge agreement permitting the title pledge lender to record the lien and effect a transfer of the certificate of title upon default.
Effective: July 15, 1998

Terms Used In Kentucky Statutes 286.10-255

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Personal property: All property that is not real property.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Statute: A law passed by a legislature.

History: Created 1998 Ky. Acts ch. 242, sec. 12, effective July 15, 1998.
Formerly codified as KRS § 368.255.
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.