Definitions
KRS 355.12-102
in effect355.12-102. Definitions
(1) In this article:
(a) 1. "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under KRS 355.12-105. 2. The term does not include: a. A controllable account; b. A controllable payment intangible; c. A deposit account; d. An electronic copy of a record evidencing chattel paper; e. An electronic document of title; f. Electronic money; g. Investment property; or h. A transferable record;
(b) "Qualifying purchaser" means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record;
(c) "Transferable record" has the meaning provided for that term in: 1. The Electronic Signatures in Global and National Commerce Act, 15 U.S.C. sec. 7021, as amended; or 2. The Uniform Electronic Transactions Act, KRS 369.116; and
(d) "Value" has the meaning provided in KRS 355.3 -303(1), as if references in that subsection to an "instrument" were references to a controllable account, controllable electronic record, or controllable payment intangible.
(2) The following definitions in Article 9 of this chapter apply to this article:
(a) "Account debtor";
(b) "Chattel paper";
(c) "Controllable account";
(d) "Controllable payment intangible";
(e) "Deposit account";
(f) "Electronic money"; and
(g) "Investment property."
(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. 95, effective January 1, 2025.
Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55719Fetched: 10/20/2026