KRS 426.522: Public, judicial sale of real or personal property -- When conducted by

licensed auctioneer.

(1) If real or personal property is sold at public sale under any order or decree of any

court in this state, then the court under whose jurisdic tion the sale is to be made

may secure the services of an auctioneer licensed in this state to conduct the public

sale, fix the auctioneer's fee, and order the fee to be paid out of the proceeds of the

sale. The fee:

(a) When the sale is the result of a fo reclosure process initiated upon the request

of a creditor or mortgage holder:

1. Shall not exceed ten percent (10%) of the sale price on sales of real

property, which may be an auction premium or commission charged to

the sale of the property; and

2. Shall not exceed twenty -five percent (25%) of the sale price on sales of

personal property. Notwithstanding this subparagraph, the fee for sales

of personal property may include an additional auction premium of up to

ten percent (10%) of the sale price;

(b) In the instance of any other court -ordered or court -decreed sale of real or

personal property, shall be agreed upon between the auctioneer and the person

making the request; and

(c) Shall not include the fees and expenses provided for by rule of the Supreme

Court under KRS 31A.010(4) that are incurred by the master commissioner

for the sale.

(2) Upon the request of the creditor or mortgage holder, when property is ordered to be

sold by a court, the master commissioner, as described in KRS Chapter 31A, shall

employ a licensed auctioneer to handle the sale upon terms and conditions

acceptable to the creditor or mortgage holder.

(3) If real property is sold at a public sale conducted by a licensed auctioneer, then the

sale shall be conducted on the site of the re al property to be sold. Notwithstanding

this subsection, the sale may be conducted at another location in the county in

which the real property is located if the licensed auctioneer determines that is the

best site for the sale.

(4) If the master commissioner is also a licensed auctioneer, then the master

commissioner shall not receive any extra fee for acting as an auctioneer, but shall

receive fees in his or her capacity as master commissioner or special commissioner

under KRS 31A.010(4).

(5) This section shall not waive any provision of KRS 426.160, 426.200, or 426.560.

(6) Nonforeclosure sales shall be conducted in a manner agreed to by the master

commissioner or plaintiff and the auctioneer.