103 KAR 28:090.

Tangible personal property; security instrument enforcement.

 

      RELATES TO: KRS

139.100, 139.120, 139.160

      STATUTORY

AUTHORITY: KRS Chapter 13A

      NECESSITY,

FUNCTION, AND CONFORMITY: To interpret the sales and use tax law as it applies

to sales of tangible personal property enforcing the provisions of a security

instrument.

 

      Section 1. The

sales or use tax does not apply to sales of tangible personal property at

public auction enforcing the provisions of a security instrument if the sale is

made pursuant to a court decree by a court appointed official and if the

property is bid in by the secured party.

 

      Section 2. The

sales or use tax applies to other sales of tangible personal property enforcing

the provisions of a security instrument and to subsequent sales of tangible

personal property by the secured party who bids in the property at public

auction to the same extent as other sales. (SU-35; 1 Ky.R. 468; eff. 3-12-75.)