RELATES TO: KRS 186A.185, 186A.190, 186A.193, 186A.195
STATUTORY AUTHORITY: KRS 186A.010(2), 186A.190
NECESSITY, FUNCTION, AND CONFORMITY: KRS 186A.010(2) requires the Transportation Cabinet to develop an automated motor vehicle and trailer registration and titling system. KRS 186A.190 establishes the procedures for the perfection and discharge of a security interest in property that has been issued a Kentucky certificate of title under the cabinet's titling system. This administrative regulation establishes the procedure for filing a continuation statement to extend a security interest notation on a certificate of title.
Section 1. Continuation of a Security Interest. (1) A secured party shall continue a security interest on a certificate of title beyond the expiration date established in KRS 186A.190 by filing a Title Lien Statement, TC Form 96-187 in the office of the county clerk of the county where the original lien is filed.
(2) For the purpose of continuing a security interest, the Title Lien Statement, TC Form 96-187 shall be filed:
(a) No sooner than six (6) months prior to the expiration date of the initial period established in KRS 186A.190(1);
(b) On the expiration date; or
(c) If there is no expiration date, then on the last day of the month of expiration.
(3) The Title Lien Statement shall be filed no later than close of business on the date upon which the financing statement lapses.
(4) The date the Title Lien Statement is received in the appropriate county clerk’s office shall control the effectiveness of the continuation statement.
Section 2. Incorporation by Reference. (1) "Title Lien Statement" Form, TC 96-187, revised December 2010, is incorporated by reference.
(2) This material may be inspected, copied, or obtained, subject to applicable copyright law, at the Department of Vehicle Regulation, Division of Motor Vehicle Licensing, Transportation Cabinet Building, 200 Mero Street, Frankfort, Kentucky 40622, Monday through Friday, 8 a.m. to 4:30 p.m. (28 Ky.R. 758; Am. 1154; 1385; eff. 12-19-2001; 37 Ky.R. 1761; 2161; eff. 4-1-2011.)