{"data":{"id":"us-ky/krs-355.9-601","jurisdiction":"us-ky","citation":"KRS 355.9-601","heading":"Rights after default -- Judicial enforcement -- Consignor or buyer of","body":"accounts, chattel paper, payment intangibles, or promissory notes.\n(1) After default, a secured party has the rights provided in this part of this article and,\nexcept as otherwise provided in KRS 355.9 -602, those provided by agreement of\nthe parties. A secured party:\n(a) May reduce a claim to judgment, foreclose, or otherwise enforce the claim,\nsecurity interest, or agricultural lien by any available judicial procedure; and\n(b) If the collateral is documents, may proceed either as to the documents or as to\nthe goods they cover.\n(2) A secured party in possession of collateral or control of collateral under KRS 355.7-\n106, 355.9 -104, 355.9 -105, 355.9 -1051, 355.9 -106, 3 55.9-107, or 355.9 -1071 has\nthe rights and duties provided in KRS 355.9-207.\n(3) The rights under subsections (1) and (2) of this section are cumulative and may be\nexercised simultaneously.\n(4) Except as otherwise provided in subsection (7) of this section  and KRS 355.9-605,\nafter default, a debtor and an obligor have the rights provided in this part of this\narticle and by agreement of the parties.\n(5) If a secured party has reduced its claim to judgment, the lien of any levy that may\nbe made upon the colla teral by virtue of an execution based upon the judgment\nrelates back to the earliest of:\n(a) The date of perfection of the security interest or agricultural lien in the\ncollateral;\n(b) The date of filing a financing statement covering the collateral; or\n(c) Any date specified in a statute under which the agricultural lien was created.\n(6) A sale pursuant to an execution is a foreclosure of the security interest or\nagricultural lien by judicial procedure within the meaning of this section. A secured\nparty may purchase at the sale and thereafter hold the collateral free of any other\nrequirements of this article.\n(7) Except as otherwise provided in KRS 355.9 -607(3), this part of this article imposes\nno duties upon a secured party that is a consignor or is a buyer of accounts, chattel\npaper, payment intangibles, or promissory notes.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55705","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:48Z","sha256":"b3977b063a5b6d5599a9ee76ae53280d2ee76ff5b8421da2621cd8f7b1668bf2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.9-527","next":"us-ky/krs-355.9-602"},"notice":"GroundRules: Original legal text. Not legal advice."}