Section 355.9-611 - [Effective Until 1/1/2025] Notification before disposition of collateral(1) In this section, "notification date" means the earlier of the date on which: (a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or(b) The debtor and any secondary obligor waive the right to notification.(2) Except as otherwise provided in subsection (4) of this section, a secured party that disposes of collateral under KRS 355.9-610 shall send to the persons specified in subsection (3) of this section a reasonable authenticated notification of disposition.(3) To comply with subsection (2) of this section, the secured party shall send an authenticated notification of disposition to:(b) Any secondary obligor; and(c) If the collateral is other than consumer goods:1. Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;2. Any other secured party or lienholder that, ten (10) days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:a. Identified the collateral;b. Was indexed under the debtor's name as of that date; andc. Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and3. Any other secured party that, ten (10) days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in KRS 355.9-311(1).(4) Subsection (2) of this section does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.(5) A secured party complies with the requirement for notification prescribed by subsection (3)(c)2. of this section if:(a) Not later than twenty (20) days or earlier than thirty (30) days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (3)(c)2. of this section; and(b) Before the notification date, the secured party:1. Did not receive a response to the request for information; or2. Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.Effective:7/1/2001
Created 2000, Ky. Acts ch. 408, sec. 129, effective7/1/2001.This section is set out more than once due to postponed, multiple, or conflicting amendments.