SB54 - AN ACT relating to heirs property and making an appropriation therefor.

1 Co-Sponsor

Create new sections of KRS Chapter 381 to enact the Uniform Partition of Heirs Property Act; define terms, 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 additional fees to the heirs property research fund; amend KRS 381.135 and 389A.030 to conform; APPROPRIATION.