355.12 -102 Definitions. (1) In this article: (a) 1. 'Controllable electronic record' means a record stored in an electronic medium that can be subjected to control under KRS 355.12 -105. 2. The term does not include: a. A controllable account; b. A controllable payment intangible; c. A deposit account; d. An electronic copy of a record evidencing chattel paper; e. An electronic document of title; f. Electronic money; g. Investment property; or h. A transferable record; (b) 'Qualifying purchaser' means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record; (c) 'Transferable record' has the meaning provided for that term in: 1. The Electronic Signatures in Global and National Commerce Act, 15 U.S.C. sec. 7021, as amended; or 2. The Uniform Electronic Transactions Act, KRS 369. 116; and (d) 'Value' has the meaning provided in KRS 355.3 -303(1), as if references in that subsection to an 'instrument' were references to a controllable account, controllable electronic KRS 369. 116; and (d) 'Value' has the meaning provided in KRS 355.3 -303(1), as if references in that subsection to an 'instrument' were references to a controllable account, controllable electronic record, or controllable payment intangible. (2) The f ollowing definitions in Article 9 of this chapter apply to this article: (a) 'Account debtor'; (b) 'Chattel paper'; (c) 'Controllable account'; (d) 'Controllable payment intangible'; (e) 'Deposit account'; (f) 'Electronic money'; and (g) 'Investment proper ty.' (3) Article 1 of this chapter contains general definitions and principles of construction and interpretation applicable throughout this article. Effective: January 1, 2025 History: Created 2024 Ky. Acts ch. 10, sec. 95, effective January 1, 2025.
Kentucky Legal Code