Home Table of Contents

Rule 23 Judicial sales

Baldwin's Kentucky Revised Statutes Annotated27th Judicial Circuit - Knox and Laurel Circuit Court

Baldwin's Kentucky Revised Statutes Annotated
27th Judicial Circuit - Knox and Laurel Circuit Court
KY RKLC Rule 23
Rule 23 Judicial sales
Currentness
A. MASTER COMMISSIONER APPROVAL
All judgments or orders directing the sale of property by the Master Commissioner, directing the disbursement of monies held by the Commissioner, or directing the delivery of a deed must, prior to submission thereof to the Court, be submitted along with the record to the Commissioner for certification that the same complies with all applicable statutes and rules. The Commissioner shall then deliver the judgment or order to the Court for approval and entry.
B. DEPOSIT FOR ADVERTISEMENT AND APPRAISAL
(1) When any order is submitted to the Commissioner requiring advertisement or appraisal, the party submitting the order shall deposit with the Commissioner an amount sufficient to pay the estimated costs of the proposed advertisement and/or appraisal. Until such deposit is made, the Commissioner shall not submit the order to the Court nor cause advertisement or appraisal to be made.
(2) When more than one sale is set for the same date, the commissioner may advertise all such sales in one advertisement with the required information applicable to each action and sale appearing therein. The total costs of advertising shall be apportioned among each of the various cases to which the advertisement applies.
C. ORDERS OF SALE AND/OR DELIVERY OF DEED
Every order or judgment of this Court directing the commissioner to sell property or to execute or deliver a deed shall contain:
(1) the legal description of the properly including a street address (or if it has no street address, a brief identification of its location and size);
(2) the name of the party or parties whose interest is being sold or conveyed; and
(3) the source of the party's or parties' title.
D. TERMS AND CONDITIONS OF SALE
Unless otherwise ordered, all judicial sales shall be conducted by the Laurel Commissioner or Deputy Commissioner at 1:00 p. m. (local time) at the Laurel County Judicial Center in Court Room 201. All judicial sales shall be conducted by the Knox Commissioner or Deputy Commissioner on the front steps of the Knox County Courthouse, at a time so designated by the Commissioner or Deputy Commissioner.
(1) Before conducting a sale, the Master Commissioner shall advertise in a newspaper meeting the requirements of KRS 424.120, the time, terms, and place of sale, together with a description of the property to be sold. Said advertisement shall appear once a week for at least three consecutive weeks next preceding the date of sale.
(2) Before conducting a sale, if required by order or statute, the Master Commissioner shall have the property appraised by two intelligent, disinterested housekeepers of Laurel or Knox County, who are not related to any parties to the action. The Appraisers shall be sworn by the Master Commissioner before making such appraisals and they shall return their appraisals in writing to the Master Commissioner who shall file same as a part of the record.
(3) Unless otherwise ordered, the property shall be sold to the highest bidder upon the following terms and conditions:
a. At the time of sale, the successful bidder shall either pay cash or make a deposit of 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. Said bond shall bear interest at the rate of twelve (12%) percent per annum from the date of sale until paid.
b. The purchaser shall be required to assume and pay all taxes or assessments upon the property for the current tax year and all subsequent years. All taxes or assessments upon the property for prior years, shall be paid from the sale proceeds if properly claimed, in writing and filed of record, by the purchaser prior to the payment of the purchase price.
c. The property shall otherwise be sold free and clear of any right, title, and interest of all parties to the action and all liens and encumbrances thereon, excepting easements and restrictions of record in the Laurel or Knox County Clerk's Office and such a right of redemption as may exist in favor of the United States of America or the defendant(s).
(4) A party who is the successful purchaser of the property may take credit against any judgment in that party's favor against the defendant property owner for the required deposit and 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.
(5) The terms and conditions herein above set out may be adopted by reference to this rule in the order or judgment directing the sale, or shall be restated therein.
E. CONFIRMATION OF REPORT OF SALE
The Master Commissioner, after making the sale, shall report any actions to the Court by tiling a Report of Sale and Cost of Sale. Ten (10) days after the filing of the report, if no objections have been filed thereto, and with motions, the sale shall be deemed confirmed and an order confirming the sale (with copies) shall be submitted to the Court. A copy of the order of confirmation shall be served upon the purchaser.
F. CANCELLATION OF SALE
In the event the property is withdrawn from sale, or if the defendant properly owner files for relief in Bankruptcy, the sale shall be canceled and the Commissioner shall give notice of cancellation of the sale.
G. FEES OF THE COMMISSIONER
The Commissioner shall be entitled to those fees set forth in Part IV of the Administrative Procedures of the Court of Justice (“AP Part IV”).
H. ORDERS OF DISTRIBUTION
(1) Orders requiring distribution of funds held by the Commissioner shall set forth all amounts collected, identify the proper recipients(s), and the specific amounts due each under the judgment or order.
(2) If disbursements are to be made to taxing authorities, a copy of the pertinent tax bill(s) must be furnished to the Commissioner.
(3) If all funds held by the Commissioner are distributed by the order requiring the distribution of funds and there arc no further matters for determination by the Court, the order shall slate that the matter is final and stricken from the Court's docket.
I. APPRAISER'S FEE
In all sales of real estate where an appraisement is required, the fee of each appraiser shall be reasonable as determined by the Commissioner. The fee shall be paid from the proceeds of sale.

Credits

HISTORY: Amended effective May 1, 2013. Prior amendments effective January 24, 2006; April 3, 2008.
Knox and Laurel Circuit Court Rule 23, KY R KNOX CIR CT Rule 23
Current with amendments received through November 15, 2023. Some rules may be more current, see credits for details.
End of Document