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

Ky. Rev. Stat. § 355.9-107 (2026)

Control of letter-of-credit right

✓ current as of May 2026
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A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under KRS 355.5- 114(3) or otherwise applicable law or practice. Effective: July 1, 2001 History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 27, effective July 1, 2001. -- Created 1958 Ky. Acts ch. 77, sec. 9-107, effective July 1, 1960.

Notes of Decisions
Cited in 3 cases, 1968–1996 · leading case: Whayne Supply Co. v. Commonwealth Revenue Cabinet, 925 S.W.2d 185 (Ky. 1996).
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Whayne Supply Co. v. Commonwealth Revenue Cabinet, 925 S.W.2d 185 (Ky. 1996). · cites it 4× “The result of the security agreement and filed financing statement was a perfected Purchase Money Security Interest in the equipment under KRS 355.9-107 1 for Whayne. Six months earlier, on December 8, 1989, the Revenue Cabinet had filed a Notice of State Tax Lien against…”
Assocs. Fin. v. Conn (In Re Conn), 16 B.R. 454 (Bankr. W.D. Ky. 1982). “KRS 355.9-107. 6 . Supra note 1. 7 . Although the Court denied purchase money status, it ultimately found that the secured creditor perfected its security interest in the collateral by taking possession of it.”
Mammoth Cave Prod. Credit Ass'n v. York, 429 S.W.2d 26 (Ky. Ct. App. 1968). “If this section spoke of a purchase money security interest of less than $2,500, they would undoubtedly be right, because KRS 355.9-107 provides: “A security interest is a ‘purchase money security interest’ to the extent that it is: (a) taken or retained by the seller of the…”
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