KRS 355.9-609

Secured party's right to take possession after default

Known as the Uniform Commercial Code

The act spans §§ 355–355 (686 sections).

Applied in 2 court decisions — leading case 765 F. Supp. 2d 923 - Madison Capital Co., LLC v. S & S SALVAGE, LLC (2011)

Most recently applied in 765 F. Supp. 2d 923 - Madison Capital Co., LLC v. S & S SALVAGE, LLC (January 2011)

Effective: July 1, 2001 History: Created 2000 Ky

(1) After default, a secured party:

(a) May take possession of the collateral; and (b) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under KRS 355.9-610.

(2) A secured party may proceed under subsection (1) of this section:

(a) Pursuant to judicial process; or (b) Without judicial process, if it proceeds without breach of the peace.

(3) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.