Kentucky Statutes 355.1-205 – Reasonable time — Seasonableness
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(1) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose, and circumstances of the action.
(2) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.
Effective: July 12, 2006
History: Repealed and reenacted 2006 Ky. Acts ch. 242, sec. 13, effective July 12,
2006. — Created 1958 Ky. Acts ch. 77, sec. 1-205, effective July 1, 1960.
(2) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.
Terms Used In Kentucky Statutes 355.1-205
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
Effective: July 12, 2006
History: Repealed and reenacted 2006 Ky. Acts ch. 242, sec. 13, effective July 12,
2006. — Created 1958 Ky. Acts ch. 77, sec. 1-205, effective July 1, 1960.