Kentucky Statutes 355.9-333 – Priority of certain liens arising by operation of law
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(1) In this section, “possessory lien” means an interest, other than a security interest or an agricultural lien:
(a) Which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business;
(b) Which is created by statute or rule of law in favor of the person; and
(c) Whose effectiveness depends on the person’s possession of the goods.
(2) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 73, effective July 1, 2001.
(a) Which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business;
Terms Used In Kentucky Statutes 355.9-333
- 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.
- Statute: A law passed by a legislature.
(b) Which is created by statute or rule of law in favor of the person; and
(c) Whose effectiveness depends on the person’s possession of the goods.
(2) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 73, effective July 1, 2001.