§ 355-9-611

355.9 -611 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 a signed 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 signed notification of disposition. (3) To comply with subsection (2) of this section, the secured party shall send a signed notification of disposition to: (a) The debtor; (b) Any secondary obligor; and (c) If the collateral is other than consumer goods: 1. Any other person from which the secu red party has received, before the notification date, a signed 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.

r 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 d ebtor's name as of that date; and c. Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and 3. 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 notificat ion 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.

t ion 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; or 2. Received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named in that response whose fina ncing statement covered the collateral. Effective: January 1, 2025 History: Amended 2024 Ky. Acts ch. 10, sec. 84, effective January 1, 2025. -- Created 2000 Ky. Acts ch. 408, sec. 129, effective July 1, 2001.