Chapter 84, UNIFORM COMMERCIAL CODE

84-8-210. Overissue. (a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue. (b) Except as otherwise provided in subsections (c) …

84-8-301. Delivery. (a) Delivery of a certificated security to a purchaser occurs when: (1) The purchaser acquires possession of the security certificate; (2) another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of…

84-8-302. Rights of purchaser. (a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. (b) A purchaser of a limited interest acquire…

84-8-303. Protected purchaser. (a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (1) Gives value; (2) does not have notice of any adverse claim to the security; and (3) obtains control of the certificated or …

84-8-304. Indorsement. (a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a …

84-8-305. Instruction. (a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly. (b) Unless otherwi…

84-8-306. Effect of guaranteeing signature, indorsement or instruction. (a) A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing: (1) The signature was genuine; (2) the signer was an appropriate person to indorse, or if…

84-8-307. Purchaser's right to requisites for registration of transfer. Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer …

84-8-308. Revisor's Note: Former sections 84-8-308 through 84-8-321 were repealed by L. 1996, ch. 202, § 91.

84-8-401. Duty of issuer to register transfer. (a) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer…

84-8-402. Assurance that indorsement or instruction is effective. (a) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: (1) In all cases, a guaranty of the signature of the person making an indorsement or …

84-8-403. Demand that issuer not register transfer. (a) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the regist…

84-8-404. Wrongful registration. (a) Except as otherwise provided in K.S.A. 84-8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered: (1) Pursuant to a…

84-8-405. Replacement of lost, destroyed or wrongfully taken security certificate. (a) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed or wrongfully taken, the issuer shall issue a new certificate …

84-8-406. Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate. If a security certificate has been lost, apparently destroyed or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has…

84-8-407. Authenticating trustee, transfer agent and registrar. A person acting as authenticating trustee, transfer agent, registrar or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated secur…

84-8-408. Revisor's Note: Former section 84-8-408 was repealed by L. 1996, ch. 202, § 91.

84-8-501. Securities account; acquisition of security entitlement from securities intermediary. (a) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to …

84-8-502. Assertion of adverse claim against entitlement holder. An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien or other theory may not be asserted against a person who acquires a security entit…

84-8-503. Property interest of entitlement holder in financial asset held by securities intermediary. (a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset…

84-8-504. Duty of securities intermediary to maintain financial asset. (a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitl…

84-8-505. Duty of securities intermediary with respect to payments and distributions. (a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (1) The securities i…

84-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if: (a) Th…

84-8-507. Duty of securities intermediary to comply with entitlement order. (a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure …

84-8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding. A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the…

84-8-509. Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder. (a) If the substance of a duty imposed upon a securities intermediary by K.S.A. 84…

84-8-510. Rights of purchaser of security entitlement from entitlement holder. (a) In a case not covered by the priority rules in article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in c…

84-8-511. Priority among security interests and entitlement holders. (a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders…

84-8-601. Savings clause. (a) This act does not affect an action or proceeding commenced before this act takes effect. (b) If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffic…

84-9-101. Short title. This article may be cited as uniform commercial code-secured transactions. History: L. 2000, ch. 142, § 1; July 1, 2001. KANSAS COMMENT, 1996 The Kansas Comments 1996 to Article 9 include a discussion of the more significant cases which have been decided in…

84-9-102. Definitions and index of definitions. (a) Article 9 definitions. In this article: (1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2) "Account," except as used in "account for,…

84-9-103. Purchase-money security interest; application of payments; burden of establishing. (a) Definitions. In this section: (1) "Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and (2) "purch…

84-9-104. Control of deposit account. Requirements for control. (a) A secured party has control of a deposit account if: (1) The secured party is the bank with which the deposit account is maintained; (2) the debtor, secured party, and bank have agreed in an authenticated record …

84-9-105. Control of electronic chattel paper. (a) General rule: Control of electronic chattel paper. A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party …

84-9-106. Control of investment property. (a) Control under Section 8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in K.S.A. 84-8-106, and amendments thereto. (b) Control of commodity contract. A secured party …

84-9-107. Control of letter-of-credit right. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the lett…

84-9-108. Sufficiency of description. (a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Example…

84-9-109. Scope. (a) General scope of article. Except as otherwise provided in subsections (c) and (d), this article applies to: (1) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (2) an agricultural lien; (3)…

84-9-110. Security interests arising under Article 2 or 2a. A security interest arising under K.S.A. 84-2-401, 84-2-505, 84-2-711(3) or 84-2a-508(5), and amendments thereto, is subject to this article. However, until the debtor obtains possession of the goods: (1) The security in…

84-9-201. General effectiveness of security agreement. (a) General effectiveness. Except as otherwise provided in the uniform commercial code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors…

84-9-202. Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collatera…

84-9-203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. (a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement express…

84-9-204. After-acquired property; future advances. (a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) When after-acquired property clause not effectiv…

84-9-205. Use or disposition of collateral permissible. (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) The debtor has the right or ability to: (A) Use, commingle, or dispose of all or pa…

84-9-206. Security interest arising in purchase or delivery of financial asset. (a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) The person buys a …

84-9-207. Rights and duties of secured party having possession or control of collateral. (a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in t…

84-9-208. Additional duties of secured party having control of collateral. (a) Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give…

84-9-209. Duties of secured party if account debtor has been notified of assignment. (a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if: (1) There is no outstanding secured obligation; and (2) the secured party is not committed t…

84-9-210. Request for accounting; request regarding list of collateral or statement of account. (a) Definitions. In this section: (1) "Request" means a record of a type described in paragraph (2), (3), or (4). (2) "Request for an accounting" means a record authenticated by a debt…

84-9-301. Law governing perfection of priority of security interests. Except as otherwise provided in K.S.A. 2025 Supp. 84-9-303 through 84-9-306, and amendments thereto, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and th…