KRS 304.8-050: Other real property as deposit.

(1) The insurer's policyholders and creditors in the United States, and this state and

other states in which the insurer is authorized to transact insurance, shall have a first

lien upon other real property, of which the evidence of the insurer's title is deposited

by the insurer. The commissioner shall file proper notice of such lien with the

county clerk of the county in which any such property is located.

(2) Such real property shall not be withdrawn, sold, or further encumbered unless other

eligible assets of equal or greater value are deposited by the insurer in lieu thereof.

Upon any such withdrawal, sale, or encumbrance the commissioner shall execute a

proper release of such property, which release shall be recorded in the office of such

county clerk.

(3) For the purpose of determining the amount of deposit, such real property shall be

valued at sixty percent (60%) of its fair value as determined by the commissioner.