Rule 702 Terms and conduct of judicial sales
Baldwin's Kentucky Revised Statutes Annotated44th Judicial Circuit - Bell Circuit Court
KY RBLC Rule 702
Rule 702 Terms and conduct of judicial sales
1. Advertisement. (a) Before conducting a sale, the Master Commissioner shall advertise it in a newspaper meeting the qualifications of ICRS 424.120, and include the time, terms, and place of sale, together with a description of the property to be sold. The advertisement shall appear once a week for at least three (3) consecutive weeks next preceding the date of sale.
(b) Unless the Court orders otherwise, the party requesting a judicial sale of property shall deposit with the Master Commissioner an amount sufficient to pay the costs of the advertisement or notice. Until such deposit has been made, the Master Commissioner shall not make any advertisement or publish any notice. If no party has requested a judicial sale, the parties shall each deposit a proportionate share of an amount sufficient to pay the costs of the advertisement or notice.
2. Appraisal. If required by statute or order of the Court, the Master Commissioner, before making a sale of real property, shall have the property appraised by two intelligent, disinterested housekeepers of Bell County, who shall not be related to the parties to the action. Before conducting their appraisals, the appraisers shall be sworn by the Master Commissioner. The appraisers shall return their appraisals in writing to the Master Commissioner, who shall file the appraisals of record with the Bell Circuit Court Clerk.
(i) At the time of sale, unless the Court orders otherwise in the order or judgment directing the sale, the successful bidder shall either pay the purchase price in full in cash or make a deposit often percent (10%) of the purchase price with the balance on credit for sixty (60) days. If the purchase price is not paid in full, the successful bidder shall be required to give bond with good surety thereon for the unpaid purchase price, which bond or unpaid amount shall bear interest at the rate of twelve percent (12%) per annum from the date of sale until paid. If full payment or a sufficient deposit is not made immediately, the Master Commissioner shall reject the bid and resell the property forthwith. In making a resale, the Master Commissioner shall receive no bid from the rejected bidder.
(ii) The purchaser of the property shall be required to assume and satisfy all taxes or assessments upon the property for the current tax year and all subsequent years. All taxes or assessments on the property for prior years shall be satisfied from the sale proceeds, if properly claimed, in writing or a filing of record with the Bell Circuit Court Clerk, by the purchaser prior to the payment of the purchase price.
(iii) Except as provided in clause (ii) above, the property sold shall otherwise be sold free and clear of any right, title, and interest of all parties to the action and all of such parties' liens and encumbrances thereon, excepting easements and restrictions of record in the Office of the Bell County Clerk, and such right of redemption as may exist in favor of the United States and the defendant(s).
(b) If a party to the action in which a judicial sale is ordered is the purchaser of the property sold, that party may take credit against any judgment in his favor against the defendant property owner for the required purchase price to the extent that the sale price is sufficient to pay such judgment considering the priorities and amounts previously adjudicated in the action.
Credits
HISTORY: Adopted effective April 11, 2012.
Bell Circuit Court Rule 702, KY R BELL CIR CT Rule 702
Current with amendments received through November 15, 2023. Some rules may be more current, see credits for details.
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