Summary of Original Version

Create new sections of KRS Chapter 381 to define heir property and create a mechanism for partition or sale among cotenants by the court; create requirements for notice, 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 heir 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 extra funds to the heir property research fund; amend KRS 381.135 and 389A.030 to conform.

Statutes affected:
Introduced: 64.012, 324B.050, 381.135, 389A.030