SB 94 (BR 1026) - D. Givens
AN ACT relating to agriculture.
Create new sections of KRS Chapter 376 to establish a livestock seller's lien in favor of a livestock seller when the seller does not receive payment for the livestock within three days of delivery; describe the property of the lien to which the lien attaches; deem the lien a purchase money security interest; declare the lien effective the day the livestock is delivered; provide that the lien is perfected by filing a financing statement within 45 days, or within 20 days to have purchase money security interest priority; establish priority consistent with Article 9 of the Uniform Commercial Code and a pro rata share in the same collateral for multiple lien holders; allow a buyer in the ordinary course of business to take free of the lien; allow enforcement of the lien according to Part 6 of the Uniform Commercial Code.
SB 94 - AMENDMENTS
SCS - Retain original provisions, except add definition of "livestock" to new section of KRS Chapter 376; amend KRS 322.9-102 to provide that a livestock seller's lien is within the definition of "agricultural lien" under Article 9 of the Uniform Commercial Code.
Jan 10-introduced in Senate
Jan 11-to Agriculture (S)
Jan 26-reported favorably, 1st reading, to Calendar with Committee Substitute
Jan 27-2nd reading, to Rules
Jan 30-posted for passage in the Regular Orders of the Day for Tuesday, January 31, 2012
Jan 31-3rd reading, passed 32-3 with Committee Substitute
Feb 1-received in House
Feb 2-to Agriculture & Small Business (H)
Mar 26-taken from Agriculture & Small Business (H); 1st reading; returned to Agriculture & Small Business (H)