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Kentucky Revised Statutes Title XXIX. Commerce and Trade § 355.9-703.Security interest perfected before effective date

Current as of January 01, 2024 | Updated by FindLaw Staff

(1) A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under the revision of Article 9 in 2000 Ky. Acts ch. 408 if, on July 1, 2001, the applicable requirements for enforceability and perfection under the revision of Article 9 in 2000 Ky. Acts ch. 408 are satisfied without further action.

(2) Except as otherwise provided in KRS 355.9-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under the revision of Article 9 in 2000 Ky. Acts ch. 408 are not satisfied on July 1, 2001, the security interest:

(a) Is a perfected security interest for one (1) year after July 1, 2001;

(b) Remains enforceable thereafter only if the security interest becomes enforceable under KRS 355.9-203 before the year expires; and

(c) Remains perfected thereafter only if the applicable requirements for perfection under the revision of Article 9 in 2000 Ky. Acts ch. 408 are satisfied before the year expires.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXIX. Commerce and Trade § 355.9-703.Security interest perfected before effective date - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xxix-commerce-and-trade/ky-rev-st-sect-355-9-703/

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