2006 Kentucky Revised Statutes - .200   Definitions for KRS 286.10-200 to 286.10-285 and KRS 286.10-991.

286.10-200 Definitions for KRS 286.10-200 to 286.10-285 and KRS 286.10-991. As used in KRS 286.10-200 to 286.10-285 and KRS 286.10-991, unless the context requires otherwise: (1)  "Capital" means the assets of a business entity less the liabilities of that business entity. Assets and liabilities shall be measured according to generally accepted accounting principles or relevant pronouncements of the financial accounting standards board; (2)  "Office" means the Office of Financial Institutions; (3)  "Person" means any sole proprietorship, general partnership, corporation, limited liability company, or limited liability partnership duly qualified to do business in Kentucky; (4)  "Pledgor" means any individual who executes a title pledge agreement as defined in subsection (5) of this section; (5)  "Title pledge agreement" means a thirty (30) day written agreement whereby a title pledge lender agrees to make a loan of money to a pledgor, and the pledgor agrees to give the title pledge lender a security interest in unencumbered titled personal property owned by the pledgor, subject to the terms and conditions of KRS 286.10- .200 to 286.10-285 and KRS 286.10-991. A pledgor shall have no personal liability on a title pledge agreement and a title pledge agreement shall not be considered a debt transaction for any purpose of law; (6)  "Title pledge lender" means any person engaged in the business of making title pledge agreements; (7)  "Title pledge office" means the location at which, or premises in which, a title pledge lender regularly conducts business; and (8)  "Titled personal property" means any personal property the ownership of which is evidenced and delineated by a state issued certificate of title but shall not include mobile homes. Effective: July 15, 1998 History: Created 1998 Ky. Acts ch. 242, sec. 1, effective July 15, 1998. Formerly codified as KRS 368.200. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section. Page 1 of 1