Kentucky Statutes 355.9-704 – Security interest unperfected before effective date
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A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) Remains an enforceable security interest for one (1) year after July 1, 2001;
(2) Remains enforceable thereafter if the security interest becomes enforceable under
KRS 355.9-203 on July 1, 2001, or within one (1) year thereafter; and
(3) Becomes perfected:
(a) Without further action, on July 1, 2001, if the applicable requirements for perfection under the revision of Article 9 in 2000 Ky. Acts ch. 408 are satisfied before or at that time; or
(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 150, effective July 1, 2001.
(1) Remains an enforceable security interest for one (1) year after July 1, 2001;
Terms Used In Kentucky Statutes 355.9-704
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Lien: A claim against real or personal property in satisfaction of a debt.
- Year: means calendar year. See Kentucky Statutes 446.010
(2) Remains enforceable thereafter if the security interest becomes enforceable under
KRS 355.9-203 on July 1, 2001, or within one (1) year thereafter; and
(3) Becomes perfected:
(a) Without further action, on July 1, 2001, if the applicable requirements for perfection under the revision of Article 9 in 2000 Ky. Acts ch. 408 are satisfied before or at that time; or
(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 150, effective July 1, 2001.