Kentucky Statutes 355.9-609 – Secured party’s right to take possession after default
Current as of: 2024 | Check for updates
|
Other versions
(1) After default, a secured party:
(a) May take possession of the collateral; and
(b) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under KRS § 355.9-610.
(2) A secured party may proceed under subsection (1) of this section: (a) Pursuant to judicial process; or
(b) Without judicial process, if it proceeds without breach of the peace.
(3) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 127, effective July 1, 2001.
(a) May take possession of the collateral; and
(b) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under KRS § 355.9-610.
(2) A secured party may proceed under subsection (1) of this section: (a) Pursuant to judicial process; or
(b) Without judicial process, if it proceeds without breach of the peace.
(3) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 127, effective July 1, 2001.