SB67: AN ACT relating to the Uniform Commercial Code.

Legislative Summary

Establish a new Article 12 of KRS Chapter 355, titled "Controllable Electronic Records"; establish definitions, scope, purchaser rights, debtor discharge obligations, control requirements, and jurisdictional rules relating to controllable electronic records; amend KRS 355.3-104, 355.3-105, and 355.3-604 to modify requirements relating to instruments; amend KRS 355.1-201 and 355.9-102 to make various definitional revisions and conforming amendments; amend KRS 355.4-406 to modify bank statement of account requirements; amend KRS 355.4A-103, 355.4A-201, 355.4A-202, 355.4A-203, 355.4A-207, 355.4A-208, 355.4A-210, and 355.4A-211 to modify definitions, security procedure requirements, payment order requirements, and documentation requirements relating to funds transfers; amend KRS 355.5-102 to establish a definition for "signed"; repeal and reenact KRS 355.7-106 and 355.9-105, and create new sections of Article 9 of KRS Chapter 355, to establish control requirements for an electronic copy of a document of title, a record evidencing chattel paper, intangible money, controllable accounts, and controllable payment intangibles; amend KRS 355.9-301 to establish jurisdictional rules for tangible records evidencing chattel paper; create a new section of Article 9 of KRS Chapter 355 to establish perfection and priority jurisdictional rules for controllable electronic records; amend KRS 355.9-203, 355.9-207, 355.9-208, 355.9-308, 355.9-310, 355.9-312, 355.9-316, 355.9-317, 355.9-330, 355.9-332, 355.9-406, 355.9-605, and 355.9-628, and create new sections of Article 9 of KRS Chapter 355, to govern security interests in controllable electronic records, intangible money, and chattel paper; amend KRS 355.1-204, 355.2A-103, 355.8-103, 355.9-313, 355.9-314, 355.9-331, 355.9-338, 355.9-601, 367.976, and 369.116 to conform; make technical corrections throughout.