Kentucky Revised Statutes

Ky. Rev. Stat. § 355.9-106 (2026)

Control of investment property

✓ current as of May 2026

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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 Effective: July 1, 2001 History: Repealed and reenacted 2001 Ky.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 - - Repealed and reenacted 2000 Ky.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.

Notes of Decisions

Cited in 3 cases, 1963–1997 · leading case: In Re Megamarket of Lexington, Inc., 207 B.R. 527 (Bankr. E.D. Ky. 1997).

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In Re Megamarket of Lexington, Inc., 207 B.R. 527 (Bankr. E.D. Ky. 1997). · cites it 2× “” KRS 355.9-106. Although the prepaid insurance account is readily converted to cash upon cancellation of the insurance policy, it is not “money.”

Spurlin v. Sloan, 368 S.W.2d 314 (Ky. Ct. App. 1963). “KRS 355.9-106 defines “Contract right” as follows: “ ‘Contract right’ means any right to payment under a contract not yet earned by performance and not evidenced by an instrument or chattel paper.”

Citizens Fid. Bank & Trust Co. v. Fenton Rigging Co., 522 S.W.2d 862 (Ky. Ct. App. 1975). “KRS 355.9-106 defines “account” as meaning any right to payment for goods sold or leased or services rendered which is not evidenced by any instrument or chattel paper.”

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