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355.9-705 Effectiveness of action taken before effective date.
(1)
(2)
(3)
(4)
(5)
(6)
If action, other than the filing of a financing statement, is taken before July 1, 2001,
and the action would have resulted in priority of a security interest over the rights of
a person that becomes a lien creditor had the security interest become enforceable
before July 1, 2001, the action is effective to perfect a security interest that attaches
under the revision of Article 9 in 2000 Ky. Acts ch. 408 within one (1) year after
July 1, 2001. An attached security interest becomes unperfected one (1) year after
July 1, 2001, unless the security interest becomes a perfected security interest under
the revision of Article 9 in 2000 Ky. Acts ch. 408 before the expiration of that
period.
The filing of a financing statement before July 1, 2001, is effective to perfect a
security interest to the extent the filing would satisfy the applicable requirements for
perfection under the revision of Article 9 in 2000 Ky. Acts ch. 408.
The revision of Article 9 in 2000 Ky. Acts ch. 408 does not render ineffective an
effective financing statement that, before July 1, 2001, is filed and satisfies the
applicable requirements for perfection under the law of the jurisdiction governing
perfection as provided in the former KRS 355.9-103, or law determining the place
of filing as provided in the former KRS 355.9-401. However, except as otherwise
provided in subsections (4) and (5) of this section and KRS 355.9-706, the
financing statement ceases to be effective at the earlier of:
(a) The time the financing statement would have ceased to be effective under the
law of the jurisdiction in which it is filed; or
(b) June 30, 2006.
The filing of a continuation statement on or after July 1, 2001, does not continue the
effectiveness of the financing statement filed before July 1, 2001. However, upon
the timely filing of a continuation statement after July 1, 2001, and in accordance
with the law of the jurisdiction governing perfection as provided in Part 3 of this
article, the effectiveness of a financing statement filed in the same office in that
jurisdiction before July 1, 2001, continues for the period provided by the law of that
jurisdiction.
Subsection (3)(b) of this section applies to a financing statement that, before July 1,
2001, is filed against a transmitting utility and satisfies the applicable requirements
for perfection under the law of the jurisdiction governing perfection as provided in
the former KRS 355.9-103 only to the extent that Part 3 of this article provides that
the law of a jurisdiction other than the jurisdiction in which the financing statement
is filed governs perfection of a security interest in collateral covered by the
financing statement.
A financing statement that includes a financing statement filed before July 1, 2001,
and a continuation statement filed on or after July 1, 2001, is effective only to the
extent that it satisfies the requirements of Part 5 of this article for an initial
financing statement.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 151, effective July 1, 2001.
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