Kentucky Statutes 355.9-514 – Assignment of powers of secured party of record
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(1) Except as otherwise provided in subsection (3) of this section, an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.
(2) Except as otherwise provided in subsection (3) of this section, a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:
(a) Identifies, by its file number, the initial financing statement to which it relates; (b) Provides the name of the assignor; and
(c) Provides the name and mailing address of the assignee.
(3) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under KRS § 355.9-502(3) may be made only by an assignment of record of the mortgage in the manner provided by law of this Commonwealth other than this chapter.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 105, effective July 1, 2001.
(2) Except as otherwise provided in subsection (3) of this section, a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:
Terms Used In Kentucky Statutes 355.9-514
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a) Identifies, by its file number, the initial financing statement to which it relates; (b) Provides the name of the assignor; and
(c) Provides the name and mailing address of the assignee.
(3) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under KRS § 355.9-502(3) may be made only by an assignment of record of the mortgage in the manner provided by law of this Commonwealth other than this chapter.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 105, effective July 1, 2001.