65.375 Conditions under which authority to take title to tax-delinquent

328 words·~1 min read·/ky/65-375

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

properties.

(1)If any party obtains a judgment against a tax-delinquent property within the

county for the taxes and, to satisfy the judgment, the property is ordered sold at

a tax sale pursuant to KRS 91.504 or other provision of the Kentucky Revised

Statutes, if no person bids an amount equal to the full amount of all tax bills,

interest, and costs owing on the property at the sale, the authority shall be

deemed to have bid the full amount of all tax bills, interest, and costs due to all

parties of the authority regardless of whether or not they are all parties to the

lawsuit. The authority shall not be required to make actual payment to the court

for the amount deemed to have been bid. The court, notwithstanding any other

provision of law, shall treat the amount deemed to have been bid as cash

received. Upon proper motion by the authority, the court shall make a deed of

the property to the "Land Bank Authority." The title to the property shall be an

absolute estate in fee simple, free and clear of all tax bills, interests, and costs

owing to the parties of the authority but shall be subject to rights of way of

public utilities on which tax has otherwise been paid and subject to any right of

redemption of the United States of America, if any.

(2)At the time that the authority sells or otherwise disposes of property obtained

pursuant to this section as part of its land bank program, the proceeds from the

sale shall be distributed as follows:

(a)The party or parties bringing the action that resulted in the acquisition of

the property by the land bank authority shall be reimbursed, to the extent

proceeds are available, for all costs incurred; and

(b)Any remaining proceeds shall be distributed to the parties in proportion to

their respective tax bills. Conveyance of a property to a party shall not

constitute disposal.