Kentucky Statutes 96.541 – Definitions for KRS 96.542 to 96.546
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As used in KRS § 96.542 to KRS § 96.546, the term “acquire” shall mean and include construct, acquire by purchase, by lease, devise, gift, or the exercise of the right of eminent domain in the manner now or hereafter provided by law for the exercise thereof and acquisition by any other mode.
History: Created 1946 Ky. Acts ch. 68, sec. 1.
History: Created 1946 Ky. Acts ch. 68, sec. 1.
Terms Used In Kentucky Statutes 96.541
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC