Every person engaged in the business of receiving property in pledge or as security for money or other things advanced to pawners or pledgers shall return under oath, the fair cash value of all property so pledged and held on January 1 of each year. Taxes shall be assessed on the value of such property to the person holding it as on other property owned by him and he shall have a lien on the property to secure the amount of tax due.
KRS 132.270
Reporting and assessment of property held in pawn or pledge -- Lien
Applied in 2 court decisions — leading case Alabama Land and Mineral Corp v. M
Most recently applied in National City Bank of Kentucky v. Toffel (June 2002)
History: Amended 1968 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.