Kentucky Statutes 355.9-106 – Control of investment property
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(1) A person has control of a certificated security, uncertificated security, or security entitlement as provided in KRS § 355.8-106.
(2) A secured party has control of a commodity contract if:
(a) The secured party is the commodity intermediary with which the commodity contract is carried; or
(b) The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
(3) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
Effective: July 1, 2001
History: Repealed and reenacted 2001 Ky. Acts ch. 119, sec. 2, effective July 1, 2001. –
– Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 26, effective July 1, 2001. — Amended 1996 Ky. Acts ch. 130, sec. 167, effective January 1, 1997. — Amended
1986 Ky. Acts ch. 118, sec. 58, effective July 1, 1987. — Created 1958 Ky. Acts ch.
77, sec. 9-106, effective July 1, 1960.
(2) A secured party has control of a commodity contract if:
Terms Used In Kentucky Statutes 355.9-106
- Contract: A legal written agreement that becomes binding when signed.
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
(a) The secured party is the commodity intermediary with which the commodity contract is carried; or
(b) The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
(3) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
Effective: July 1, 2001
History: Repealed and reenacted 2001 Ky. Acts ch. 119, sec. 2, effective July 1, 2001. –
– Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 26, effective July 1, 2001. — Amended 1996 Ky. Acts ch. 130, sec. 167, effective January 1, 1997. — Amended
1986 Ky. Acts ch. 118, sec. 58, effective July 1, 1987. — Created 1958 Ky. Acts ch.
77, sec. 9-106, effective July 1, 1960.