Kentucky Statutes 426.522 – Public, judicial sale of real or personal property — When conducted by licensed auctioneer
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(1) If real or personal property is sold at public sale under any order or decree of any court in this state, then the court under whose jurisdiction the sale is to be made may secure the services of an auctioneer licensed in this state to conduct the public sale, fix the auctioneer’s fee, and order the fee to be paid out of the proceeds of the sale. The fee:
(a) When the sale is the result of a foreclosure process initiated upon the request of a creditor or mortgage holder:
1. Shall not exceed six percent (6%) of the sale price on sales of real property; and
2. Shall not exceed twenty percent (20%) of the sale price on sales of personal property;
(b) In the instance of any other court-ordered or -decreed sale of real or personal property, the fee paid the auctioneer shall be agreed upon between the auctioneer and the person making the request; and
(c) Shall not include the fees and expenses provided for by rule of the Supreme Court under KRS § 31A.010(4) that are incurred by the master commissioner for the sale.
(2) Upon the request of the creditor or mortgage holder, when property is ordered to be sold by a court the master commissioner, as described in KRS Chapter 31A, shall employ a licensed auctioneer to handle the sale upon terms and conditions acceptable to the creditor or mortgage holder.
(3) If real property is sold at a public sale conducted by a licensed auctioneer, then the sale shall be conducted on the site of real property to be sold.
(4) If the master commissioner is also a licensed auctioneer, then the master commissioner shall not receive any extra fee for acting as an auctioneer, but shall receive fees in his or her capacity as master commissioner or special commissioner under KRS § 31A.010(4).
(5) Nothing contained in this section shall waive any provision of KRS § 426.160,
426.200, or 426.560.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 151, sec. 2, effective June 29, 2021. — Created
2011 Ky. Acts ch. 36, sec. 1, effective June 8, 2011.
(a) When the sale is the result of a foreclosure process initiated upon the request of a creditor or mortgage holder:
Terms Used In Kentucky Statutes 426.522
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
1. Shall not exceed six percent (6%) of the sale price on sales of real property; and
2. Shall not exceed twenty percent (20%) of the sale price on sales of personal property;
(b) In the instance of any other court-ordered or -decreed sale of real or personal property, the fee paid the auctioneer shall be agreed upon between the auctioneer and the person making the request; and
(c) Shall not include the fees and expenses provided for by rule of the Supreme Court under KRS § 31A.010(4) that are incurred by the master commissioner for the sale.
(2) Upon the request of the creditor or mortgage holder, when property is ordered to be sold by a court the master commissioner, as described in KRS Chapter 31A, shall employ a licensed auctioneer to handle the sale upon terms and conditions acceptable to the creditor or mortgage holder.
(3) If real property is sold at a public sale conducted by a licensed auctioneer, then the sale shall be conducted on the site of real property to be sold.
(4) If the master commissioner is also a licensed auctioneer, then the master commissioner shall not receive any extra fee for acting as an auctioneer, but shall receive fees in his or her capacity as master commissioner or special commissioner under KRS § 31A.010(4).
(5) Nothing contained in this section shall waive any provision of KRS § 426.160,
426.200, or 426.560.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 151, sec. 2, effective June 29, 2021. — Created
2011 Ky. Acts ch. 36, sec. 1, effective June 8, 2011.