Kentucky Statutes 273A.020 – Statement of authority as to real property
Current as of: 2024 | Check for updates
|
Other versions
(1) An interest in real property held in the name of an unincorporated nonprofit association may be transferred by a person authorized to do so in a statement of authority recorded by the association in the office in the county in which a transfer of the property would be recorded.
(2) A statement of authority shall set forth:
(a) The name of the unincorporated nonprofit association;
(b) The address in this Commonwealth, including the street address, if any, of the association or, if the association does not have an address in this Commonwealth, its out-of-state address;
(c) That the association is an unincorporated nonprofit association;
(d) The name and title or position of a person authorized to transfer an interest in real property held in the name of the association; and
(e) An affirmation by the person executing the statement that they are duly authorized to do so.
(3) A statement of authority shall be executed by a person other than the person authorized in the statement to transfer the interest.
(4) A filing officer may collect a fee for recording a statement of authority in the amount of ten dollars ($10).
(5) A document amending, revoking, or canceling a statement of authority or stating that the statement is unauthorized or erroneous shall meet the requirements for executing and recording an original statement.
(6) Unless canceled earlier, a recorded statement of authority and its most recent amendment expire five (5) years after the date of the most recent recording.
(7) If the record title to real property is in the name of an unincorporated nonprofit association and the statement of authority is recorded in the office of the county in which a transfer of the property would be recorded, the authority of the person named in the statement to transfer is conclusive in favor of a person that gives value without notice that the person lacks authority.
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 34, sec. 15, effective June 24, 2015.
(2) A statement of authority shall set forth:
Terms Used In Kentucky Statutes 273A.020
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Kentucky Statutes 273A.005
- Statement of authority: means a statement authorizing a person to transfer an interest in real property held in the name of an unincorporated nonprofit association. See Kentucky Statutes 273A.005
- Unincorporated nonprofit association: means an unincorporated organization consisting of two (2) or more members joined under an agreement that is oral, in a record, or implied from conduct, for one (1) or more common, nonprofit purposes. See Kentucky Statutes 273A.005
(a) The name of the unincorporated nonprofit association;
(b) The address in this Commonwealth, including the street address, if any, of the association or, if the association does not have an address in this Commonwealth, its out-of-state address;
(c) That the association is an unincorporated nonprofit association;
(d) The name and title or position of a person authorized to transfer an interest in real property held in the name of the association; and
(e) An affirmation by the person executing the statement that they are duly authorized to do so.
(3) A statement of authority shall be executed by a person other than the person authorized in the statement to transfer the interest.
(4) A filing officer may collect a fee for recording a statement of authority in the amount of ten dollars ($10).
(5) A document amending, revoking, or canceling a statement of authority or stating that the statement is unauthorized or erroneous shall meet the requirements for executing and recording an original statement.
(6) Unless canceled earlier, a recorded statement of authority and its most recent amendment expire five (5) years after the date of the most recent recording.
(7) If the record title to real property is in the name of an unincorporated nonprofit association and the statement of authority is recorded in the office of the county in which a transfer of the property would be recorded, the authority of the person named in the statement to transfer is conclusive in favor of a person that gives value without notice that the person lacks authority.
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 34, sec. 15, effective June 24, 2015.