2022 Kentucky Revised Statutes Chapter 355 - Uniform commercial code Article 355.7 - Warehouse Receipts, Bills of Lading, and Other Documents of Title 355.7-206 Termination of storage at warehouse's option.
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355.7-206 Termination of storage at warehouse's option.
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A warehouse, by giving notice to the person on whose account the goods are held
and any other person known to claim an interest in the goods, may require payment
of any charges and removal of the goods from the warehouse at the termination of
the period of storage fixed by the document of title or, if a period is not fixed,
within a stated period not less than thirty (30) days after the warehouse gives notice.
If the goods are not removed before the date specified in the notice, the warehouse
may sell them pursuant to KRS 355.7-210.
If a warehouse in good faith believes that goods are about to deteriorate or decline
in value to less than the amount of its lien within the time provided in subsection (1)
of this section and KRS 355.7-210, the warehouse may specify in the notice given
under subsection (1) of this section any reasonable shorter time for removal of the
goods and, if the goods are not removed, may sell them at public sale held not less
than one (1) week after a single advertisement or posting.
If, as a result of a quality or condition of the goods of which the warehouse did not
have notice at the time of deposit, the goods are a hazard to other property, the
warehouse facilities, or other persons, the warehouse may sell the goods at public or
private sale without advertisement or posting on reasonable notification to all
persons known to claim an interest in the goods. If the warehouse, after a reasonable
effort, is unable to sell the goods, it may dispose of them in any lawful manner and
does not incur liability by reason of that disposition.
A warehouse shall deliver the goods to any person entitled to them under this article
upon due demand made at any time before sale or other disposition under this
section.
A warehouse may satisfy its lien from the proceeds of any sale or disposition under
this section but shall hold the balance for delivery on the demand of any person to
which the warehouse would have been bound to deliver the goods.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 12, effective July 12,
2012. -- Created 1958 Ky. Acts ch. 77, sec. 7-206, effective July 1, 1960.
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