The Kentucky Self Storage Statute has been updated and the changes are effective June 28, 2021. Do not make any change, and do not act on any change until it is effective on the date stated above. Newspaper advertising has been changed to allow for newspaper advertising to move from classified advertising to any other “commercially reasonable manner”. This allows you to move from classified advertising to other places, however, there is a catch, meaning, you will be responsible for proving that if you advertise elsewhere, that you can prove that you had 3 independent bidders attend the sale in person, or via the sale online at the time and place advertised. There is a lot to consider in that sentence. Being able to prove bidders were independent, that you had at least 3 bidders, and they attended or were viewing the sale online, requires a new level of effort from you. Please review this with your attorney, before you switch to online advertising.
Congratulations to Kentucky Self Storage Association and the National Self Storage Association on this important change in Kentucky.
Jeffrey J. Greenberger is a Partner with the law firm of Greenberger & Brewer, LLP, in Cincinnati, Ohio and is licensed to practice in the states of Ohio and Kentucky. Mr. Greenberger’s practice focuses primarily on representing the owners and operators of commercial real estate, including self-storage owners and operators.