787 KAR 1:250. Release of notice of levy.

 

      RELATES TO: KRS 341.820(1)

      STATUTORY AUTHORITY: KRS 151B.020,

341.115

      NECESSITY, FUNCTION, AND CONFORMITY: KRS

341.115(1) authorizes the secretary to promulgate administrative regulations necessary

to administer KRS Chapter 341 KRS 341.820(1) authorizes the release of levy

upon all or part of the property or rights to property levied upon if it is

determined that the action will facilitate collection of liability. This

administrative regulation establishes the conditions under which levy may be

released.

 

      Section 1. The secretary or his

designated representative shall release a levy if:

      (1) The delinquent employer enters into

an arrangement placing property in escrow with a value equal to or greater than

the amount necessary to secure payment of the liability, including expenses of

levy;

      (2) The delinquent employer furnishes a

bond equal to or greater than the employer's total liability conditions upon

payment of the liability, including expenses of levy;

      (3) A payment is made of an amount

determined by the division to be equal to the interest of the division in the

seized property or of the part of the seized property to be released. The amount

to be paid under this release provision shall be determined in the same manner

as for discharge of property from a tax lien. Release of a levy shall not

itself constitute a lien release;

      (4) The delinquent employer enters into a

partial payment agreement; or

      (5) The value of the interest of the

division in the seized property to be released is insufficient to cover the

expenses of the sale. (22 Ky.R. 487; eff.

11-6-95; 33 Ky.R. 2196; 3191; eff. 5-4-2007.)