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.)