Kentucky Statutes 411.510 – Definitions for KRS 411.500 to 411.570
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As used in KRS § 411.500 to KRS § 411.570:
(1) “Claimant” means a person who asserts a claim of private nuisance.
(2) “Fair market value” means the price that a person who is willing but not compelled to buy would pay and a seller who is willing but not compelled to sell would accept for property.
(3) “Fair rental value” means the price a lessee who is willing but not compelled to lease would pay and a lessor who is willing but not compelled to lease would accept.
(4) “Ownership interest” means holding legal or equitable title to property in fee or in a life tenancy.
(5) “Defendant” means a person against whom a claim of private nuisance is asserted. (6) “Possessory interest” means lawfully possessing property but does not include mere
occupancy.
(7) “Property” means real property.
(8) “Value of use” means the value to a person of using property.
Effective: May 24, 1991
History: Created 1991 (1st Extra. Sess.) Ky. Acts ch. 11, Sec. 2, effective May 24,
1991.
(1) “Claimant” means a person who asserts a claim of private nuisance.
Terms Used In Kentucky Statutes 411.510
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) “Fair market value” means the price that a person who is willing but not compelled to buy would pay and a seller who is willing but not compelled to sell would accept for property.
(3) “Fair rental value” means the price a lessee who is willing but not compelled to lease would pay and a lessor who is willing but not compelled to lease would accept.
(4) “Ownership interest” means holding legal or equitable title to property in fee or in a life tenancy.
(5) “Defendant” means a person against whom a claim of private nuisance is asserted. (6) “Possessory interest” means lawfully possessing property but does not include mere
occupancy.
(7) “Property” means real property.
(8) “Value of use” means the value to a person of using property.
Effective: May 24, 1991
History: Created 1991 (1st Extra. Sess.) Ky. Acts ch. 11, Sec. 2, effective May 24,
1991.