Kentucky Statutes 251.395 – Lien on grain stored with grain warehouse operator — Relation to other liens or security interests — Filing of notice not required to perfect — Discharge of lien
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(1) When a depositor stores grain with a grain warehouse operator and has written evidence of ownership disclosing a storage obligation, the producer or other depositor has a first priority lien on the grain, the proceeds from the grain, or on grain owned by the grain warehouse operator. The lien terminates when the storage liability of the grain warehouse operator to the depositor terminates.
(2) The lien created under this section shall be preferred to any lien or security interest of any creditor to the grain warehouse operator, regardless of whether the creditor’s lien or security interest was attached to the grain or proceeds before or after the date on which the producer or other depositor’s lien was attached.
(3) A depositor who claims a lien under this section need not file any notice of the lien in order to perfect the lien.
(4) The lien created under this section is discharged, except as to the proceeds therefrom and except as to grain owned by the grain warehouse operator, upon sale of the grain by the warehouse operator to a buyer in the ordinary course of business.
Effective: August 1, 2019
History: Created 2019 Ky. Acts ch. 88, sec. 15, effective August 1, 2019.
(2) The lien created under this section shall be preferred to any lien or security interest of any creditor to the grain warehouse operator, regardless of whether the creditor’s lien or security interest was attached to the grain or proceeds before or after the date on which the producer or other depositor’s lien was attached.
Terms Used In Kentucky Statutes 251.395
- Depositor: means any person who deposits grain in a grain warehouse for storage, handling, shipment, or is the owner or legal holder of an outstanding warehouse receipt, or who is lawfully entitled to possession of the grain. See Kentucky Statutes 251.010
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Grain: means corn, wheat, soybeans, rye, barley, oats, grain sorghums, or popcorn. See Kentucky Statutes 251.010
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Producer: means the owner, tenant, or operator of land who has an economic or financial interest in grain or receives all or any part of the proceeds from the sale of grain. See Kentucky Statutes 251.010
- Warehouse: means any building, structure, or other protected enclosure, permanent or temporary, used or useable for the storage or conditioning of grain. See Kentucky Statutes 251.010
(3) A depositor who claims a lien under this section need not file any notice of the lien in order to perfect the lien.
(4) The lien created under this section is discharged, except as to the proceeds therefrom and except as to grain owned by the grain warehouse operator, upon sale of the grain by the warehouse operator to a buyer in the ordinary course of business.
Effective: August 1, 2019
History: Created 2019 Ky. Acts ch. 88, sec. 15, effective August 1, 2019.