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Bill > SB86

KY SB86

KY SB86
AN ACT relating to heirs property and making an appropriation therefor.

summary

Introduced
02/07/2023
In Committee
02/09/2023
Crossed Over
Passed
Dead
03/30/2023

Introduced Session

2023 Regular Session

Bill Summary

Create new sections of KRS Chapter 381 to define term, including "heirs property"; create a mechanism for partition or sale among cotenants by the court; create requirements for notice and determination of value through agreement or appraisal; create protocol for buyouts, partition alternatives, partition in kind, sale by open market, sealed bids, or auction; create the heirs property research fund; amend KRS 324B.050 to authorize the Kentucky Real Estate Authority to promulgate administrative regulations to issue grants from the fund; amend KRS 64.012 to increase the recording and indexing fee collected by county clerks by $1 and to direct those extra funds to the heirs property research fund; amend KRS 381.135 and 389A.030 to conform; APPROPRIATION.

AI Summary

This bill creates new sections of KRS Chapter 381 to define "heirs property" and establish a mechanism for partition or sale among cotenants of heirs property by the court. The bill sets requirements for notice and valuation, as well as protocols for buyouts, partition alternatives, and open-market or auction sales. The bill also creates the heirs property research fund, to be administered by the Kentucky Real Estate Authority, which will provide grants to Kentucky residents to assist with research related to identifying, evaluating, preserving, partitioning, or selling heirs property. Finally, the bill amends several existing statutes to conform with the new heirs property provisions.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

to Appropriations & Revenue (S) (on 02/09/2023)

Bill Topics

Law, Crime, and Family Issues
  • ‐ Civil Law and Procedure
  • ‐ Property Rights

bill text

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Document Type Source Location Created
State Bill Page https://apps.legislature.ky.gov/record/23RS/sb86.html 02/07/2023
Local Mandate Fiscal Impact https://apps.legislature.ky.gov/recorddocuments/note/23RS/sb86/LM.pdf 02/08/2023
BillText https://apps.legislature.ky.gov/recorddocuments/bill/23RS/sb86/orig_bill.pdf 02/07/2023
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