Kentucky Statutes 355.2A-307 – Priority of liens arising by attachment or levy on, security interests in, and other claims to goods
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(1) Except as otherwise provided in KRS § 355.2A-306, a creditor of a lessee takes subject to the lease contract.
(2) Except as otherwise provided in subsection (3) of this section and in KRS § 355.2A-
306 and 355.2A-308, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3) Except as otherwise provided in KRS § 355.9-317, 355.9-321, and 355.9-323, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.
Effective: July 1, 2001
History: Amended 2000 Ky. Acts ch. 408, sec. 165, effective July 1, 2001. — Amended
1992 Ky. Acts ch. 116, sec. 6, effective January 1, 1993 — Created 1990 Ky. Acts ch.
363, sec. 37, effective January 1, 1991.
(2) Except as otherwise provided in subsection (3) of this section and in KRS § 355.2A-
Terms Used In Kentucky Statutes 355.2A-307
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (KRS §. See Kentucky Statutes 355.2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Kentucky Statutes 355.2A-103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Kentucky Statutes 355.2A-103
- Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Kentucky Statutes 355.2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
306 and 355.2A-308, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3) Except as otherwise provided in KRS § 355.9-317, 355.9-321, and 355.9-323, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.
Effective: July 1, 2001
History: Amended 2000 Ky. Acts ch. 408, sec. 165, effective July 1, 2001. — Amended
1992 Ky. Acts ch. 116, sec. 6, effective January 1, 1993 — Created 1990 Ky. Acts ch.
363, sec. 37, effective January 1, 1991.