Ky. Rev. Stat. » Chapter 355
Kentucky Revised Statutes

Ky. Rev. Stat. § 355.3-606 (2026)

Repealed, 1997

✓ current as of May 2026
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Catchline at repeal: Impairment of recourse or of collateral. History: Repealed 1996 Ky. Acts ch. 130, sec. 182, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 3-606, effective July 1, 1960.

Notes of Decisions
Cited in 7 cases, 1984–1991 · leading case: Schmuckie v. Alvey, 758 S.W.2d 31 (Ky. 1988).
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Schmuckie v. Alvey, 758 S.W.2d 31 (Ky. 1988). · cites it 22× “Suretyship defenses here provided are not limited to parties who are secondarily liable "but are available to any party who is in the position of a surety having a right of recourse either on the instrument or dehors it, including an accommodation maker or acceptor known to the…”
Ramsey v. First Nat'l Bank & Trust Co. of Corbin, 683 S.W.2d 947 (Ky. Ct. App. 1984). · cites it 15× “Ramsey now appeals arguing that he was entitled to a directed verdict under KRS 355.3-606, our state’s codification of Uniform Commercial Code § 3-606 entitled “impairment of recourse or of collateral.”
Alvey v. Union Inv., Inc., 697 S.W.2d 145 (Ky. Ct. App. 1985). · cites it 7× “KRS 355.3-606 provides that: (1) The holder discharges any party to the instrument to the extent that without such party’s consent the holder *148 (a) without express reservation of rights releases or agrees not to sue any person against whom the party has to the knowledge of…”
Kane v. Citizens Fid. Bank & Trust Co., 668 S.W.2d 564 (Ky. Ct. App. 1984). · cites it 3× “They argue that the judgment is erroneous because they are entitled to the defense of “impaired collateral” under KRS 355.3-606, which would discharge their liability as sureties on a note.”
Nunnelley v. Herndon, 685 S.W.2d 206 (Ky. Ct. App. 1985). · cites it 4× “KRS 355.3-606. The appellants are discharged from any amount due on the note prior to the time that Herndon sought enforcement against them.”
Holt v. Peoples Bank of Mt. Washington, 814 S.W.2d 568 (Ky. 1991). “It was contended in the courts below and at oral argument in this court that the discharge provisions of KRS 355.3-606(l)(b) operate to absolve appellant, Marion E.”
McGhee v. First State Bank & Trust Co. of Manchester, 793 S.W.2d 133 (Ky. Ct. App. 1990). · cites it 4× “See Official Comment to KRS 355.3-606. There is no requirement that consent to renewal be made in writing.”
— Ky. Rev. Stat. § 355.3-606(1) — 2 cases
Ramsey v. First Nat'l Bank & Trust Co. of Corbin, 683 S.W.2d 947 (Ky. Ct. App. 1984). “Ramsey now appeals arguing that he was entitled to a directed verdict under KRS 355.3-606, our state’s codification of Uniform Commercial Code § 3-606 entitled “impairment of recourse or of collateral.”
Alvey v. Union Inv., Inc., 697 S.W.2d 145 (Ky. Ct. App. 1985). “KRS 355.3-606 provides that: (1) The holder discharges any party to the instrument to the extent that without such party’s consent the holder *148 (a) without express reservation of rights releases or agrees not to sue any person against whom the party has to the knowledge of…”
— Ky. Rev. Stat. § 355.3-606(1)(a) — 1 case
McGhee v. First State Bank & Trust Co. of Manchester, 793 S.W.2d 133 (Ky. Ct. App. 1990). “See Official Comment to KRS 355.3-606. There is no requirement that consent to renewal be made in writing.”
— Ky. Rev. Stat. § 355.3-606(1)(b) — 1 case
Schmuckie v. Alvey, 758 S.W.2d 31 (Ky. 1988). “Suretyship defenses here provided are not limited to parties who are secondarily liable "but are available to any party who is in the position of a surety having a right of recourse either on the instrument or dehors it, including an accommodation maker or acceptor known to the…”
— Ky. Rev. Stat. § 355.3-606(l)(a) — 4 cases
Alvey v. Union Inv., Inc., 697 S.W.2d 145 (Ky. Ct. App. 1985). “KRS 355.3-606 provides that: (1) The holder discharges any party to the instrument to the extent that without such party’s consent the holder *148 (a) without express reservation of rights releases or agrees not to sue any person against whom the party has to the knowledge of…”
Ramsey v. First Nat'l Bank & Trust Co. of Corbin, 683 S.W.2d 947 (Ky. Ct. App. 1984). “Ramsey now appeals arguing that he was entitled to a directed verdict under KRS 355.3-606, our state’s codification of Uniform Commercial Code § 3-606 entitled “impairment of recourse or of collateral.”
Nunnelley v. Herndon, 685 S.W.2d 206 (Ky. Ct. App. 1985). “KRS 355.3-606. The appellants are discharged from any amount due on the note prior to the time that Herndon sought enforcement against them.”
McGhee v. First State Bank & Trust Co. of Manchester, 793 S.W.2d 133 (Ky. Ct. App. 1990). “See Official Comment to KRS 355.3-606. There is no requirement that consent to renewal be made in writing.”
— Ky. Rev. Stat. § 355.3-606(l)(b) — 5 cases
Schmuckie v. Alvey, 758 S.W.2d 31 (Ky. 1988). “Suretyship defenses here provided are not limited to parties who are secondarily liable "but are available to any party who is in the position of a surety having a right of recourse either on the instrument or dehors it, including an accommodation maker or acceptor known to the…”
Ramsey v. First Nat'l Bank & Trust Co. of Corbin, 683 S.W.2d 947 (Ky. Ct. App. 1984). “Ramsey now appeals arguing that he was entitled to a directed verdict under KRS 355.3-606, our state’s codification of Uniform Commercial Code § 3-606 entitled “impairment of recourse or of collateral.”
Alvey v. Union Inv., Inc., 697 S.W.2d 145 (Ky. Ct. App. 1985). “KRS 355.3-606 provides that: (1) The holder discharges any party to the instrument to the extent that without such party’s consent the holder *148 (a) without express reservation of rights releases or agrees not to sue any person against whom the party has to the knowledge of…”
Kane v. Citizens Fid. Bank & Trust Co., 668 S.W.2d 564 (Ky. Ct. App. 1984). “They argue that the judgment is erroneous because they are entitled to the defense of “impaired collateral” under KRS 355.3-606, which would discharge their liability as sureties on a note.”
Holt v. Peoples Bank of Mt. Washington, 814 S.W.2d 568 (Ky. 1991). “It was contended in the courts below and at oral argument in this court that the discharge provisions of KRS 355.3-606(l)(b) operate to absolve appellant, Marion E.”
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