103 KAR 28:090. Tangible personal property; security instrument enforcement

Section 1. The sales or use tax shall not apply to sales of tangible personal property at public auction enforcing the provisions of a security instrument if the sale is made pursuant to a court decree by a court appointed official and if the property is bid in by the secured party. Section 2. The sales or use tax shall apply to other sales of tangible personal property enforcing the provisions of a security instrument and to subsequent sales of tangible personal property by the secured party who bids in the property at public auction to the same extent as other sales.