426.522 Public, judicial sale of real or personal property -- When conducted by

328 words·~1 min read·/ky/426-522

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

licensed auctioneer.

(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.