Kentucky Statutes 355.7-206 – Termination of storage at warehouse’s option
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(1) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by the document of title or, if a period is not fixed, within a stated period not less than thirty (30) days after the warehouse gives notice. If the goods are not removed before the date specified in the notice, the warehouse may sell them pursuant to KRS § 355.7-210.
(2) If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (1) of this section and KRS § 355.7-210, the warehouse may specify in the notice given under subsection (1) of this section any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than one (1) week after a single advertisement or posting.
(3) If, as a result of a quality or condition of the goods of which the warehouse did not have notice at the time of deposit, the goods are a hazard to other property, the warehouse facilities, or other persons, the warehouse may sell the goods at public or private sale without advertisement or posting on reasonable notification to all persons known to claim an interest in the goods. If the warehouse, after a reasonable effort, is unable to sell the goods, it may dispose of them in any lawful manner and does not incur liability by reason of that disposition.
(4) A warehouse shall deliver the goods to any person entitled to them under this article upon due demand made at any time before sale or other disposition under this section.
(5) A warehouse may satisfy its lien from the proceeds of any sale or disposition under this section but shall hold the balance for delivery on the demand of any person to which the warehouse would have been bound to deliver the goods.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 12, effective July 12,
2012. — Created 1958 Ky. Acts ch. 77, sec. 7-206, effective July 1, 1960.
(2) If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (1) of this section and KRS § 355.7-210, the warehouse may specify in the notice given under subsection (1) of this section any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than one (1) week after a single advertisement or posting.
Terms Used In Kentucky Statutes 355.7-206
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Kentucky Statutes 355.7-102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Warehouse: means a person engaged in the business of storing goods for hire. See Kentucky Statutes 355.7-102
(3) If, as a result of a quality or condition of the goods of which the warehouse did not have notice at the time of deposit, the goods are a hazard to other property, the warehouse facilities, or other persons, the warehouse may sell the goods at public or private sale without advertisement or posting on reasonable notification to all persons known to claim an interest in the goods. If the warehouse, after a reasonable effort, is unable to sell the goods, it may dispose of them in any lawful manner and does not incur liability by reason of that disposition.
(4) A warehouse shall deliver the goods to any person entitled to them under this article upon due demand made at any time before sale or other disposition under this section.
(5) A warehouse may satisfy its lien from the proceeds of any sale or disposition under this section but shall hold the balance for delivery on the demand of any person to which the warehouse would have been bound to deliver the goods.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 12, effective July 12,
2012. — Created 1958 Ky. Acts ch. 77, sec. 7-206, effective July 1, 1960.