Kentucky Senate Bill 155

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 26 2024 - 100% progression
Action: 2024-03-26 - signed by Governor
Text: Latest bill text (Engrossed) [PDF]

Repeal and reenact KRS 355.2-102 to establish transactions subject to provisions of article; amend various sections of Articles 2, 2A, 4A, and 9 of KRS Chapter 355 to remove writing requirements; amend KRS 355.2A-102 to establish when article applies to hybrid leases; amend definition of "negotiable instrument" in KRS 355.3-104; amend KRS 355.3-105 and 355.3-604 to accommodate electronic transactions; amend KRS 355.3-417 and 355.4-208 to specify that expenses include reasonable attorney's fees; amend KRS 355.4A-201 to modify security procedure requirements relating to funds transfers; amend KRS 355.5-116 to establish governing law standards for letters of credit; amend KRS 355.7-106 and 355.8-106, repeal and reenact KRS 355.9-105, and create new sections of Article 9 of KRS Chapter 355, to establish control requirements for electronic documents of title, security entitlements, records evidencing chattel paper, electronic money, controllable electronic records, controllable accounts, and controllable payment intangibles; amend governing law standards for certain securities transactions in KRS 355.8-110; amend KRS 355.9-104 to expand when a security party has control of a deposit account; amend KRS 355.9-204 to establish exception to after-acquired property clause limitation; amend governing law standards for banks and securities and commodity entities in KRS 355.9-304 and 355.9-305; create new sections of Article 9 of KRS Chapter 355 to establish certain perfection and priority jurisdictional rules for chattel paper, controllable electronic records, controllable accounts, and controllable payment intangibles; amend KRS 355.9-203, 355.9-207, 355.9-208, 355.9-209, 355.9-310, 355.9-312, 355.9-314, 355.9-316, 355.9-317, 355.9-330, 355.9-331, 355.9-332, 355.9-406, 355.9-408, 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, electronic money, controllable accounts, controllable payment intangibles, electronic documents, and chattel paper; amend KRS 355.9-323 to remove exception for buyers and lessees in the ordinary course of business relating to certain future advances clauses; amend notification of disposition of collateral requirements in KRS 355.9-613 and 355.9-614; establish a new Article 12 of KRS Chapter 355, titled "Controllable Electronic Records"; establish definitions, scope, purchaser rights, control requirements, debtor discharge obligations, and jurisdictional rules relating to controllable electronic records, controllable accounts, and controllable payment intangibles; create new sections of Article 11 of KRS Chapter 355; title Article 11 "Transitional Provisions for Uniform Commercial Code Amendments (2022)"; establish definitions and transitional provisions for transactions, liens, and interests entered, created, or acquired before the effective date of this Act; amend various sections of Articles 1, 2, 2A, 3, 5, 7, 8, and 9 of KRS Chapter 355 to make definitional revisions and conforming amendments; amend KRS 367.976 and 369.116 to conform; make technical corrections throughout; provide construction clause relating to a national digital currency; EFFECTIVE January 1, 2025.

AN ACT relating to the Uniform Commercial Code.

Sen. Whitney Westerfield [R]

2024-03-21 - House - House: Third Reading RCS# 323 (Y: 72 N: 21 NV: 0 Abs: 5) [PASS]
2024-02-22 - Senate - Senate: Third Reading RSN# 2927 (Y: 29 N: 8 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2024-03-26	Senate	signed by Governor
2024-03-22	Senate	delivered to Governor
2024-03-22	Senate	enrolled, signed by Speaker of the House
2024-03-22	Senate	enrolled, signed by President of the Senate
2024-03-22	Senate	received in Senate
2024-03-21	House	3rd reading, passed 72-21
2024-03-21	House	placed in the Orders of the Day
2024-03-21	House	taken from Rules
2024-03-14	House	2nd reading, to Rules
2024-03-13	House	reported favorably, 1st reading, to Calendar
2024-03-12	House	to Banking & Insurance (H)
2024-02-23	House	to Committee on Committees (H)
2024-02-23	House	received in House
2024-02-22	Senate	3rd reading, passed 29-8
2024-02-20	Senate	posted for passage in the Regular Orders of the Day for Thursday, February 22, 2024
2024-02-16	Senate	2nd reading, to Rules
2024-02-15	Senate	reported favorably, 1st reading, to Calendar
2024-02-02	Senate	to Judiciary (S)
2024-01-31	Senate	to Committee on Committees (S)
2024-01-31	Senate	introduced in Senate

Type	Source
Summary	https://apps.legislature.ky.gov/record/24RS/sb155.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/24RS/sb155/orig_bill.pdf
Text	https://apps.legislature.ky.gov/recorddocuments/bill/24RS/sb155/bill.pdf
Roll Call	https://apps.legislature.ky.gov/record/24RS/sb155/vote_history.pdf