Bill > SB54

This bill creates new sections of KRS Chapter 381 to enact the Uniform Partition of Heirs Property Act. The key provisions include: - Defining "heirs property" as real property held in tenancy in common where 20% or more of the interests are held by relatives or by someone who acquired the property from a relative. - Establishing a process for the court to determine the fair market value of heirs property, including through appraisal or agreement of the cotenants. - Providing a mechanism for cotenants to buy out the interests of other cotenants who request partition by sale. - Allowing the court to order partition in kind or partition by sale of the heirs property. - Creating the Heirs Property Research Fund to provide grants up to $2,000 to help Kentucky residents research their family history and identify, evaluate, preserve, partition, or sell heirs property. - Amending existing laws to increase the county clerk recording/indexing fee by $1 and direct that additional revenue to the Heirs Property Research Fund, and to authorize the Kentucky Real Estate Authority to administer the fund and grant application process.