(1) Except as otherwise provided in this chapter, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.
(2) A transaction subject to this article is subject to any applicable rule of law, statute, or regulation that establishes a different rule for consumers.
(3) In case of conflict between this article and a rule of law, statute, or regulation described in subsection (2) of this section, the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (2) of this section has only the effect the statute or regulation specifies.
(4) This article does not:
(a) Validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (2) of this section; or
(b) Extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.
Effective: July 1, 2001
History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 31, effective July 1, 2001.
— Created 1958 Ky. Acts ch. 77, sec. 9-201, effective July 1, 1960.