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Kentucky Revised Statutes Title XXIX. Commerce and Trade § 355.11-031.Savings clause

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Except as provided in this section and KRS 355.11-032 to 355.11-036, Article 9 of this chapter, as amended by 2024 Ky. Acts ch. 10, and Article 12 of this chapter apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before January 1, 2025.

(2) Except as provided in subsection (3) of this section and KRS 355.11-032 to 355.11-036:

(a) A transaction, lien, or interest in property that was validly entered into, created, or transferred before January 1, 2025, and was not governed by this chapter, but would be subject to Article 9 of this chapter, as amended by 2024 Ky. Acts ch. 10, or Article 12 of this chapter if it had been entered into, created, or transferred on or after January 1, 2025, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after January 1, 2025; and

(b) The transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by 2024 Ky. Acts ch. 10 or by the law that would apply if 2024 Ky. Acts ch. 10 had not taken effect.

(3) 2024 Ky. Acts ch. 10 does not affect an action, case, or proceeding commenced before January 1, 2025.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXIX. Commerce and Trade § 355.11-031.Savings clause - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxix-commerce-and-trade/ky-rev-st-sect-355-11-031/

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