Statutes & Regulations

The 2000 Session of the Kentucky General Assembly enacted UCC Revised Article 9. The legislation became effective on July 1, 2001 and was modeled after the UCC Revised Article 9 as recommended by the National Conference of Commissioners on Uniform State Laws and The American Law Institute. The amendments are codified at KRS Chapter 355.

Central Filing: The Secretary of State is the office to file financing statements for all collateral except as-extracted collateral (e.g. minerals), timber to be cut or if the financing statement is filed as a fixture filing.

Filing Jurisdiction: Under old Article 9, the location of the collateral determined which state’s law applied to the perfection of a security interest in collateral. Revised Article 9 uses the law of the state where the debtor resides.

National Form: A new national form financing statement and amendment, which appears as a form in the uniform act, will be required in Kentucky. Their use ensures the filer’s expectations are met.

Signatures: The debtor signature requirement has been eliminated which facilitates electronic filing.

Correction Statement: Revised Article 9 provides a means for a debtor to correct a financing statement or other record that was inaccurate or wrongfully filed by filing a correction statement. A correction statement becomes part of the financing statement file, but the filing does not affect the effectiveness of the initial financing statement or any other filed record.

Performance Standard: Revised Article 9 requires the filing office to file a record within two days from the date it is received and to reject a record within two days from the date it is received.