Kentucky Statutes 355.9-805 – Effectiveness of action taken before effective date
Current as of: 2024 | Check for updates
|
Other versions
(1) The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this article, as amended by KRS § 355.9-801 to KRS § 355.9-809.
(2) KRS § 355.9-801 to KRS § 355.9-809 do not render ineffective an effective financing statement that, before July 1, 2013, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this article as it existed before July 1, 2013. However, except as otherwise provided in subsections (3) and (4) of this section and KRS § 355.9-806, the financing statement ceases to be effective:
(a) If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had this section not become law; or
(b) If the financing statement is filed in another jurisdiction, at the earlier of:
1. The time the financing statement would have ceased to be effective under the law of that jurisdiction; or
2. June 30, 2018.
(3) The filing of a continuation statement after July 1, 2013, does not continue the effectiveness of the financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in this article, as amended by KRS § 355.9-801 to KRS § 355.9-809, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction.
(4) Subsection (2)(b)2. of this section applies to a financing statement that, before July
1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this article as it existed before July 1, 2013, only to the extent that this article as amended by KRS § 355.9-801 to KRS § 355.9-809 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(5) A financing statement that includes a financing statement filed before July 1, 2013, and a continuation statement filed after July 1, 2013, is effective only to the extent that it satisfies the requirements of this article, as amended by KRS § 355.9-801 to
355.9-809, for an initial financing statement. A financing statement that indicates that the debtor is a decedent‘s estate indicates that the collateral is being administered by a personal representative within the meaning of KRS § 355.9-
503(1)(b). A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of KRS § 355.9-503(1)(c).
Effective: July 1, 2013
History: Created 2012 Ky. Acts ch. 132, sec. 95, effective July 1, 2013.
Legislative Research Commission Note (3/14/2013). 2013 Ky. Acts ch. 10, secs. 2 and
3 provide that the statutes in Article 9 of the Uniform Commercial Code that were amended or created in 2012 Ky. Acts ch. 132, secs. 60 to 99, are effective July 1,
2013. This statute was one of those sections. Since only the effective date of a prior Act was altered, and not the text of the affected statutes, reference to 2013 Ky. Acts ch. 10 does not appear in the history for this statute.
(2) KRS § 355.9-801 to KRS § 355.9-809 do not render ineffective an effective financing statement that, before July 1, 2013, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this article as it existed before July 1, 2013. However, except as otherwise provided in subsections (3) and (4) of this section and KRS § 355.9-806, the financing statement ceases to be effective:
Terms Used In Kentucky Statutes 355.9-805
- Decedent: A deceased person.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(a) If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had this section not become law; or
(b) If the financing statement is filed in another jurisdiction, at the earlier of:
1. The time the financing statement would have ceased to be effective under the law of that jurisdiction; or
2. June 30, 2018.
(3) The filing of a continuation statement after July 1, 2013, does not continue the effectiveness of the financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in this article, as amended by KRS § 355.9-801 to KRS § 355.9-809, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction.
(4) Subsection (2)(b)2. of this section applies to a financing statement that, before July
1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this article as it existed before July 1, 2013, only to the extent that this article as amended by KRS § 355.9-801 to KRS § 355.9-809 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(5) A financing statement that includes a financing statement filed before July 1, 2013, and a continuation statement filed after July 1, 2013, is effective only to the extent that it satisfies the requirements of this article, as amended by KRS § 355.9-801 to
355.9-809, for an initial financing statement. A financing statement that indicates that the debtor is a decedent‘s estate indicates that the collateral is being administered by a personal representative within the meaning of KRS § 355.9-
503(1)(b). A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of KRS § 355.9-503(1)(c).
Effective: July 1, 2013
History: Created 2012 Ky. Acts ch. 132, sec. 95, effective July 1, 2013.
Legislative Research Commission Note (3/14/2013). 2013 Ky. Acts ch. 10, secs. 2 and
3 provide that the statutes in Article 9 of the Uniform Commercial Code that were amended or created in 2012 Ky. Acts ch. 132, secs. 60 to 99, are effective July 1,
2013. This statute was one of those sections. Since only the effective date of a prior Act was altered, and not the text of the affected statutes, reference to 2013 Ky. Acts ch. 10 does not appear in the history for this statute.