Except as otherwise provided in KRS 355.9-303 to 355.9-3062, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral;
(2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral;
(3) Except as otherwise provided in subsection (4) of this section, while negotiable tangible documents, goods, instruments, or tangible money is located in a jurisdiction, the local law of that jurisdiction governs:
(a) Perfection of a security interest in the goods by filing a fixture filing;
(b) Perfection of a security interest in timber to be cut; and
(c) The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral; and
(4) The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral. Effective: January 1, 2025 History: Amended 2024 Ky. Acts ch. 10, sec. 56, effective January 1, 2025. -- Amended 2012 Ky. Acts ch. 132, sec. 65, effective July 1, 2013. -- Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 41, effective July 1, 2001. -- Amended 1996 Ky. Acts ch. 130, sec. 171, effective January 1, 1997. -- Amended 1986 Ky. Acts ch. 118, sec. 63, effective July 1, 1987. -- Amended 1982 Ky. Acts ch. 199, sec. 1, effective July 15, 1982. -- Amended 1962 Ky. Acts ch. 83, sec. 6. -- Created 1958 Ky. Acts ch. 77, sec. 9-301. 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. Legislative Research Commission Note (7/12/2012). In 2010, the National Conference of Commissioners on Uniform State Laws and the American Law Institute proposed a Uniform Act for adoption by the states that contained revisions to Article 9 of the Uniform Commercial Code. The effective date for all proposed Article 9 revisions was to be July 1, 2013. Those revisions were enacted in 2012 Ky. Acts Chapter 132, Sections 60 to 99. Sections 60 to 90 contained the substantive Article 9 revisions, and Sections 91 to 99 contained the transitional Article 9 revisions created to handle secured transactions made prior to July 1, 2013. Section 91 of that Act (codified as KRS 355.9-801) and Section 102 of that Act (a noncodified effective date provision) both stated, "Sections 91 to 99 of this Act take effect July 1, 2013." The normal effective date for legislation enacted at the 2012 Regular Session of the General Assembly is July 12, 2012. In Opinion of the Attorney General 12-010, issued July 3, 2012, Section 91 (codified as KRS 355.9-801) was determined to have contained a manifest clerical error, and should have instead read, "Sections 60 to 90 of this Act take effect July 1, 2013," thereby making the substantive Article 9 revisions effective on the same date as the transitional Article 9 provisions in conformity with the 2010 Uniform Act proposal and 2012 Ky. Acts Chapter 132, Section 102. This statute was one of the substantive provisions of Article 9 contained in 2012 Ky. Acts Chapter 132, Sections 60 to 90.
Notes of Decisions
McKenzie v. Oliver, 571 S.W.2d 102 (Ky. Ct. App. 1978).
· cites it 5× “045(9) provides that: Any person violating any provision of this section or any person refusing to surrender a registration or transfer certificate upon request of any person entitled thereto, is subject to the penalties provided in subsection (1) of KRS 186.”
Banque Worms v. Davis Const. Co., Inc., 831 S.W.2d 921 (Ky. Ct. App. 1992).
· cites it 5× “KRS 355.9-301. Among the persons protected is a purchaser who is not a secured party and who is not a buyer in the ordinary course of business, to the extent that the purchaser “gives value and receives delivery of the collateral without knowledge of the security interest and…”
Lb Folding Co. v. Gergel-Kellem Corp., 641 N.E.2d 222 (Ohio Ct. App. 1994).
· cites it 4× “If the security agreement is unperfected, however, the agreement is subordinate to the rights of certain specified persons.”
In Re Lynum, 246 B.R. 537 (Bankr. E.D. Ky. 2000).
· cites it 5× “KRS 355.9-301 states in pertinent part: Except as otherwise provided in subsection 2 of this section, an unperfected security interest is subordinate to the rights of: (b) A person who becomes a hen creditor before the security interest is perfected.”
ITT Com. Fin. Corp. v. Madisonville Recapping Co., 793 S.W.2d 849 (Ky. Ct. App. 1990).
“Watson Brothers maintain that if possession is required, under KRS 355.9-301, then repairmen of large mining or construction equipment would not have the same protection as others.”
Spurlin v. Sloan, 368 S.W.2d 314 (Ky. Ct. App. 1963).
“a significant part of the outstanding contract rights of the defendant, Burchett, and was not perfected because it was not filed or otherwise noted of record in the county of Burchett’s residence, and that the appellant became a lien creditor without knowledge of the assignment,…”
River City Prods., Inc. v. AEJ, Inc., 774 S.W.2d 452 (Ky. Ct. App. 1989).
“See the exception set forth in KRS 355.9-301(1). The intent underlying article 6 is to benefit unsecured creditors: it is to protect them from a situation in which a creditor surreptitiously sells assets the creditors may be depending on in the event of default, “pocketing the…”
In re Hall, 248 F. Supp. 124 (E.D. Ky. 1965).
· cites it 2× “This position is; supported by KRS 355.9-301(3) and section 70, sub. c of the Act, 11 U.”
In re Washington, 39 B.R. 610 (W.D. Ky. 1984).
“No question concerning the valid perfection *611 of GMAC’s secured interest under the controlling law of the Uniform Commercial Code as adopted by the Commonwealth of Kentucky (KRS 355.9-301, et seq.) has been raised by the trustee.”
— Ky. Rev. Stat. § 355.9-301(1) — 2 cases
River City Prods., Inc. v. AEJ, Inc., 774 S.W.2d 452 (Ky. Ct. App. 1989).
“See the exception set forth in KRS 355.9-301(1). The intent underlying article 6 is to benefit unsecured creditors: it is to protect them from a situation in which a creditor surreptitiously sells assets the creditors may be depending on in the event of default, “pocketing the…”
— Ky. Rev. Stat. § 355.9-301(1)(b) — 2 cases
In Re Lynum, 246 B.R. 537 (Bankr. E.D. Ky. 2000).
“KRS 355.9-301 states in pertinent part: Except as otherwise provided in subsection 2 of this section, an unperfected security interest is subordinate to the rights of: (b) A person who becomes a hen creditor before the security interest is perfected.”
— Ky. Rev. Stat. § 355.9-301(1)(c) — 1 case
McKenzie v. Oliver, 571 S.W.2d 102 (Ky. Ct. App. 1978).
“045(9) provides that: Any person violating any provision of this section or any person refusing to surrender a registration or transfer certificate upon request of any person entitled thereto, is subject to the penalties provided in subsection (1) of KRS 186.”
— Ky. Rev. Stat. § 355.9-301(3) — 4 cases
McKenzie v. Oliver, 571 S.W.2d 102 (Ky. Ct. App. 1978).
“045(9) provides that: Any person violating any provision of this section or any person refusing to surrender a registration or transfer certificate upon request of any person entitled thereto, is subject to the penalties provided in subsection (1) of KRS 186.”
In Re Lynum, 246 B.R. 537 (Bankr. E.D. Ky. 2000).
“KRS 355.9-301 states in pertinent part: Except as otherwise provided in subsection 2 of this section, an unperfected security interest is subordinate to the rights of: (b) A person who becomes a hen creditor before the security interest is perfected.”
In re Hall, 248 F. Supp. 124 (E.D. Ky. 1965).
“This position is; supported by KRS 355.9-301(3) and section 70, sub. c of the Act, 11 U.”
— Ky. Rev. Stat. § 355.9-301(b) — 1 case
In Re Lynum, 246 B.R. 537 (Bankr. E.D. Ky. 2000).
“KRS 355.9-301 states in pertinent part: Except as otherwise provided in subsection 2 of this section, an unperfected security interest is subordinate to the rights of: (b) A person who becomes a hen creditor before the security interest is perfected.”
— Ky. Rev. Stat. § 355.9-301(l)(b) — 1 case
— Ky. Rev. Stat. § 355.9-301(l)(c) — 3 cases
Banque Worms v. Davis Const. Co., Inc., 831 S.W.2d 921 (Ky. Ct. App. 1992).
“KRS 355.9-301. Among the persons protected is a purchaser who is not a secured party and who is not a buyer in the ordinary course of business, to the extent that the purchaser “gives value and receives delivery of the collateral without knowledge of the security interest and…”
Lb Folding Co. v. Gergel-Kellem Corp., 641 N.E.2d 222 (Ohio Ct. App. 1994).
“If the security agreement is unperfected, however, the agreement is subordinate to the rights of certain specified persons.”
McKenzie v. Oliver, 571 S.W.2d 102 (Ky. Ct. App. 1978).
“045(9) provides that: Any person violating any provision of this section or any person refusing to surrender a registration or transfer certificate upon request of any person entitled thereto, is subject to the penalties provided in subsection (1) of KRS 186.”
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