286.10-200 Definitions for KRS 286.10-200 to 286.10-285 and KRS 286.10-991. As used in KRS 286.10-200 to 286.10-285 and KRS 286.10-991, unless the context requires otherwise: (1) (2) (3) (4) (5) (6) (7) (8) "Capital" means the assets of a business entity less the liabilities of that business entity. Assets and liabilities shall be measured according to generally accepted accounting principles or relevant pronouncements of the financial accounting standards board; "Department" means the Department of Financial Institutions; "Person" means any sole proprietorship, general partnership, corporation, limited liability company, or limited liability partnership duly qualified to do business in Kentucky; "Pledgor" means any individual who executes a title pledge agreement as defined in subsection (5) of this section; "Title pledge agreement" means a thirty (30) day written agreement whereby a title pledge lender agrees to make a loan of money to a pledgor, and the pledgor agrees to give the title pledge lender a security interest in unencumbered titled personal property owned by the pledgor, subject to the terms and conditions of KRS 286.10- 200 to 286.10-285 and KRS 286.10-991. A pledgor shall have no personal liability on a title pledge agreement and a title pledge agreement shall not be considered a debt transaction for any purpose of law; "Title pledge lender" means any person engaged in the business of making title pledge agreements; "Title pledge office" means the location at which, or premises in which, a title pledge lender regularly conducts business; and "Titled personal property" means any personal property the ownership of which is evidenced and delineated by a state issued certificate of title but shall not include mobile homes. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 822, effective July 15, 2010. -- Created 1998 Ky. Acts ch. 242, sec. 1, effective July 15, 1998. Formerly codified as KRS 368.200. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
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