{"data":{"id":"us-ky/krs-139.660","jurisdiction":"us-ky","citation":"KRS 139.660","heading":"Security for compliance with chapter.","body":"(1) Whenever it is deemed necessary to insure compliance with this chapter, the\ndepartment may require any person subject thereto to place with it such security as\nthe department may determine. The amount of the security shall be fixed by the\ndepartment but, except as provided in subsection (2), shall not be greater than twice\nthe estimated average liability of persons filing returns for quarterly periods or three\n(3) times the estimated average liability of persons required to file returns for\nmonthly periods, determined in such manner as the department deems proper.\n(2) In case of persons habitually delinquent in their obligations under this chapter, the\namount of the security shall not be greater than three (3) times the average liability\nof persons filing re turns for quarterly periods or five (5) times the average liability\nof persons required to file returns for monthly periods.\n(3) The limitations herein provided apply regardless of the type of security placed with\nthe department.\n(4) The amount of the security may be increased or decreased by the department subject\nto the limitations herein provided.\n(5) (a) The department may sell the security at public auction if it becomes necessary\nto do so in order to recover any tax, interest or penalty due. Security in the\nform of a bearer bond issued by the United States or any state or local\ngovernmental unit which has a prevailing market price may, however, be sold\nby the department at a private sale at a price not lower than the prevailing\nmarket price thereof.\n(b) The department shall give notice of the date, time and place of the sale to the\nperson who placed the security by certified mail addressed to him at his last\nknown address as it appears in the records of the department, or delivery to\nsuch person.\n(c) Delivery means handing it to such person or leaving it at his place of business\nwith the person in charge thereof; or, if there is no one in charge, leaving it in\na conspicuous place therein; or, if the place of business is closed or the person\nto be served has no place of business, leaving it at his dwelling house with\nsome person of suitable age and discretion residing therein. Said notice, if by\ncertified mail, shall be postmarked no later than ten (10) days prior to said\nsale; if by delivery, said notice shall be given no later than ten (10) days prior\nto said sale.\n(6) Upon any sale any surplus above the amounts due shall be returned to the person\nwho placed the security.","path":["KRS Chapter 139"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=28941","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:32Z","sha256":"58d4126ba7187be4569b282fe135557cc8f7bbd55ce78904a63deeda24f243e5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-139.650","next":"us-ky/krs-139.670"},"notice":"GroundRules: Original legal text. Not legal advice."}