In 1958 Kentucky became the third state to enact the Uniform Commercial Code promulgated by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. The General Assembly stated that this legislation was intended to modernize, clarify and simplify the law of commercial transactions. Enactment of the Code also evidenced the legislature's intent to make Kentucky commercial law uniform with that of the other states. Subsequent General Assemblies further implemented these policies by enacting substantially all of the uniform amendments to the Code proposed by the ALI and NCCUSL through 1964.
Unfortunately, these enactments represent our legislature's last successful efforts to update Kentucky's Uniform Commercial Code. None of the uniform amendments promulgated by the ALI and NCCUSL since 1964 have been enacted in Kentucky. Most importantly, Kentucky lacks the 1972 Official Amendments to the Code which relate to secured financing and which have been substantially enacted in at least forty-four jurisdictions. Kentucky also lacks the 1977 Official Amendments which relate to investment securities and which have been substantially enacted in at least seventeen jurisdictions.
The purpose of this Article is to highlight the various sets of uniform amendments against the backdrop of current Kentucky law. Hopefully this Article will facilitate discussion by persons interested in whether the amendments should be enacted in Kentucky and will serve as a guide in the event they are enacted. It may also assist Kentucky lawyers who encounter the amendments as part of some other jurisdiction's laws, a likely event given the amendments’ wide adoption and the interstate character of many commercial transactions and law practices.