Transitional Provisions for Uniform Commercial Code Amendments (2022)

KRS tit. XXIX, ch. 355, art. 11

in effect

KRS 355.11-011 Short title

355.11-011. Short title This article may be cited as Transitional Provisions for Uniform Commercial Code Amendments (2022). Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 101, effective January 1, 2025.

KRS 355.11-012 Definitions

355.11-012. Definitions (1) In this article: (a) "Adjustment date" means July 1, 2025; and (b) "Article 12 property" means a controllable account, controllable electronic record, or controllable payment intangible. (2) The following definitions in other articles of this chapter apply to this article: (a) "Controllable account." KRS 355.9-102; (b) "Controllable electronic record." KRS 355.12-102; (c) "Controllable payment intangible." KRS 355.9-102; (d) "Electronic money." KRS 355.9-102; and (e) "Financing statement." KRS 355.9-102. (3) Article 1 of this chapter contains general definitions and principles of construction and interpretation applicable throughout this article. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 102, effective January 1, 2025.

KRS 355.11-021 General transactional provision -- Savings clause

355.11-021. General transactional provision -- Savings clause Except as provided in KRS 355.11-031 to 355.11-036, a transaction validly entered into before January 1, 2025, and the rights, duties, and interests flowing from the transaction remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted by law other than this chapter or, if applicable, this chapter, as though 2024 Ky Acts ch. 10 had not taken effect. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 103, effective January 1, 2025.

KRS 355.11-031 Savings clause

355.11-031. Savings clause (1) Except as provided in this section and KRS 355.11-032 to 355.11-036, Article 9 of this chapter, as amended by 2024 Ky. Acts ch. 10, and Article 12 of this chapter apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before January 1, 2025. (2) Except as provided in subsection (3) of this section and KRS 355.11-032 to 355.11- 036: (a) A transaction, lien, or interest in property that was validly entered into, created, or transferred before January 1, 2025, and was not governed by this chapter, but would be subject to Article 9 of this chapter, as amended by 2024 Ky. Acts ch. 10, or Article 12 of this chapter if it had been entered into, created, or transferred on or after January 1, 2025, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after January 1, 2025; and (b) The transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by 2024 Ky. Acts ch. 10 or by the law that would apply if 2024 Ky. Acts ch. 10 had not taken effect. (3) 2024 Ky. Acts ch. 10 does not affect an action, case, or proceeding commenced before January 1, 2025. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 104, effective January 1, 2025.

KRS 355.11-032 Security interest perfected before January 1, 2025

355.11-032. Security interest perfected before January 1, 2025 (1) A security interest that is enforceable and perfected immediately before January 1, 2025, is a perfected security interest under 2024 Ky. Acts ch. 10 if, on January 1, 2025, the requirements for enforceability and perfection under 2024 Ky. Acts ch. 10 are satisfied without further action. (2) If a security interest is enforceable and perfected immediately before January 1, 2025, but the requirements for enforceability or perfection under 2024 Ky. Acts ch. 10 are not satisfied on January 1, 2025, the security interest: (a) Is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before January 1, 2025, or the adjustment date; (b) Remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under KRS 355.9-203, as amended by 2024 Ky. Acts ch. 10, before the adjustment date; and (c) Remains perfected thereafter only if the requirements for perfection under 2024 Ky. Acts ch. 10 are satisfied before the time specified in paragraph (a) of this subsection. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 105, effective January 1, 2025.

KRS 355.11-033 Security interest unperfected before January 1, 2025

355.11-033. Security interest unperfected before January 1, 2025 A security interest that is enforceable immediately before January 1, 2025, but is unperfected at that time: (1) Remains an enforceable security interest until the adjustment date; (2) Remains enforceable thereafter if the security interest becomes enforceable under KRS 355.9-203, as amended by 2024 Ky. Acts ch. 10, on January 1, 2025, or before the adjustment date; and (3) Becomes perfected: (a) Without further action, on January 1, 2025, if the requirements for perfection under 2024 Ky. Acts ch. 10 are satisfied before or at that time; or (b) When the requirements for perfection are satisfied if the requirements are satisfied after that time. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 106, effective January 1, 2025.

KRS 355.11-034 Effectiveness of actions taken before January 1, 2025

355.11-034. Effectiveness of actions taken before January 1, 2025 (1) (a) If action, other than the filing of a financing statement, is taken before January 1, 2025, and the action would have resulted in perfection of the security interest had the security interest become enforceable before January 1, 2025, the action is effective to perfect a security interest that attaches under 2024 Ky. Acts ch. 10 before the adjustment date. (b) An attached security interest becomes unperfected on the adjustment date unless the security interest becomes a perfected security interest under 2024 Ky. Acts ch. 10 before the adjustment date. (2) The filing of a financing statement before January 1, 2025, is effective to perfect a security interest on January 1, 2025, to the extent the filing would satisfy the requirements for perfection under 2024 Ky. Acts ch. 10. (3) The taking of an action before January 1, 2025, is sufficient for the enforceability of a security interest on January 1, 2025, if the action would satisfy the requirements for enforceability under 2024 Ky. Acts ch. 10. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 107, effective January 1, 2025.

KRS 355.11-035 Priority

355.11-035. Priority (1) Subject to subsections (2) and (3) of this section, 2024 Ky. Acts ch. 10 determines the priority of conflicting claims to collateral. (2) Subject to subsection (3) of this section, if the priority of claims to collateral were established before January 1, 2025, Article 9 of this chapter, as in effect before January 1, 2025, determines priority. (3) On the adjustment date, to the extent the priorities determined by Article 9 of this chapter, as amended by 2024 Ky. Acts ch. 10, modify the priorities established before January 1, 2025, the priorities of claims to Article 12 property and electronic money established before January 1, 2025, cease to apply. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 108, effective January 1, 2025.

KRS 355.11-036 Priority of claims when priority rules of Article 9 do not apply

355.11-036. Priority of claims when priority rules of Article 9 do not apply (1) Subject to subsections (2) and (3) of this section, Article 12 of this chapter determines the priority of conflicting claims to Article 12 property when the priority rules of Article 9 of this chapter, as amended by 2024 Ky. Acts ch. 10, do not apply. (2) Subject to subsection (3) of this section, when the priority rules of Article 9 of this chapter, as amended by 2024 Ky. Acts ch. 10, do not apply and the priorities of claims to Article 12 property were established before January 1, 2025, law other than Article 12 of this chapter determines priority. (3) When the priority rules of Article 9 of this chapter, as amended by 2024 Ky. Acts ch. 10, do not apply, to the extent the priorities determined by 2024 Ky. Acts ch. 10 modify the priorities established before January 1, 2025, the priorities of claims to Article 12 property established before January 1, 2025, cease to apply on the adjustment date. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 109, effective January 1, 2025.

KRS 355.11-102 Repealed, 2001

355.11-102. Repealed, 2001 Catchline at repeal: Use of terminology. History: Repealed 2000 Ky. Acts ch. 408, sec. 186, effective July 1, 2001. -- Created 1986 Ky. Acts ch. 118, sec. 86, effective July 1, 1987.

KRS 355.11-103 Repealed, 2001

355.11-103. Repealed, 2001 Catchline at repeal: Transition to new code -- General rule. History: Repealed 2000 Ky. Acts ch. 408, sec. 186, effective July 1, 2001. -- Created 1986 Ky. Acts ch. 118, sec. 87, effective July 1, 1987.

KRS 355.11-104 Repealed, 2001

355.11-104. Repealed, 2001 Catchline at repeal: Transition provision on change of requirement of filing. History: Repealed 2000 Ky. Acts ch. 408, sec. 186, effective July 1, 2001. -- Created 1986 Ky. Acts ch. 118, sec. 88, effective July 1, 1987.

KRS 355.11-105 Repealed, 2001

355.11-105. Repealed, 2001 Catchline at repeal: Transition provision on change of place of filing. Effective: Repealed 2000 Ky. Acts ch. 408, sec. 186, effective July 1, 2001. -- Created 1986 Ky. Acts ch. 118, sec. 89, effective July 1, 1987.

KRS 355.11-106 Repealed, 2001

355.11-106. Repealed, 2001 Catchline at repeal: Required refilings. History: Repealed 2000 Ky. Acts ch. 408, sec. 186, effective July 1, 2001. -- Created 1986 Ky. Acts ch. 118, sec. 90, effective July 1, 1987.

KRS 355.11-107 Repealed, 2001

355.11-107. Repealed, 2001 Catchline at repeal: Transition provisions as to priorities. History: Repealed 2000 Ky. Acts ch. 408, sec. 186, effective July 1, 2001. -- Created 1986 Ky. Acts ch. 118, sec. 91, effective July 1, 1987.

KRS 355.11-108 Repealed, 2001

355.11-108. Repealed, 2001 Catchline at repeal: Presumption that rule of law continues unchanged. History: Repealed 2000 Ky. Acts ch. 408, sec. 186, effective July 1, 2001. -- Created 1986 Ky. Acts ch. 118, sec. 92, effective July 1, 1987.

Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/chapter.aspx?id=39027Fetched: 10/20/2026