reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-109 - Fraud and forgery

(a)
If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant:
(1)
The issuer shall honor the presentation, if honor is demanded by (i) a nominated person who has given value in good faith and without notice of forgery or material fraud, (ii) a confirmer who has honored its confirmation in good faith, (iii) a holder in due course of a draft drawn under the letter of credit which was taken after acceptance by the issuer or nominated person, or (iv) an assignee of the issuer's or nominated person's deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person; and
(2)
The issuer, acting in good faith, may honor or dishonor the presentation in any other case.
(b)
If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons only if the court finds that:
(1)
The relief is not prohibited under the law applicable to an accepted draft or deferred obligation incurred by the issuer;
(2)
A beneficiary, issuer or nominated person who may be adversely affected is adequately protected against loss that it may suffer because the relief is granted;
(3)
All of the conditions to entitle a person to the relief under the law of this state have been met; and
(4)
On the basis of the information submitted to the court, the applicant is more likely than not to succeed under its claim of forgery or material fraud and the person demanding honor does not qualify for protection under subsection (a)(1).
Laws, 1996, ch. 460, § 10, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-110 - Warranties

(a)
If its presentation is honored, the beneficiary warrants:
(1)
To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in Section
75-5-109(a)
; and
(2)
To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.
(b)
The warranties in subsection (a) are in addition to warranties arising under Chapters 3, 4, 7 and 8 because of the presentation or transfer of documents covered by any of those articles.
Laws, 1996, ch. 460, § 11, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-111 - Remedies

(a)
If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer's obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant's election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant's recovery from the issuer must be reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation the claimant need not present any document.
(b)
If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of its obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach.
(c)
If an adviser or nominated person other than a confirmer breaches an obligation under this chapter or an issuer breaches an obligation not covered in subsection (a) or (b), a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and subsections (a) and (b).
(d)
An issuer, nominated person, or adviser who is found liable under subsection (a), (b) or (c) shall pay interest on the amount owed thereunder from the date of wrongful dishonor or other appropriate date.
(e)
Reasonable attorney's fees and other expenses of litigation must be awarded to the prevailing party in an action in which a remedy is sought under this chapter.
(f)
Damages that would otherwise be payable by a party for breach of an obligation under this article may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated.
Laws, 1996, ch. 460, § 12, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-112 - Transfer of letter of credit

(a)
Except as otherwise provided in Section
75-5-113
, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.
(b)
Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:
(1)
The transfer would violate applicable law; or
(2)
The transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in Section
75-5-108(e)
or is otherwise reasonable under the circumstances.
Laws, 1996, ch. 460, § 13, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-113 - Transfer by operation of law

(a)
A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.
(b)
A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (e), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in Section
75-5-108(e)
or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.
(c)
An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.
(d)
Honor of a purported successor's apparently complying presentation under subsection (a) or (b) has the consequences specified in Section
75-5-108(i)
even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of Section
75-5-109
.
(e)
An issuer whose rights of reimbursement are not covered by subsection (d) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (b).
(f)
A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.
Laws, 1996, ch. 460, § 14, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-114 - Assignment of proceeds

(a)
In this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.
(b)
A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.
(c)
An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.
(d)
An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.
(e)
Rights of a transferee beneficiary or nominated person are independent of the beneficiary's assignment of the proceeds of a letter of credit and are superior to the assignee's right to the proceeds.
(f)
Neither the rights recognized by this section between an assignee and an issuer, transferee beneficiary, or nominated person nor the issuer's or nominated person's payment of proceeds to an assignee or a third person affect the rights between the assignee and any person other than the issuer, transferee beneficiary, or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary's rights to proceeds is governed by Chapter 9 or other law. Against persons other than the issuer, transferee beneficiary, or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary's right to proceeds and its perfection are governed by Chapter 9 or other law.
Laws, 1996, ch. 460, § 15, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-115 - Statute of limitations

An action to enforce a right or obligation arising under this chapter must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.
Laws, 1996, ch. 460, § 16, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-116 - Choice of law and forum

(a)
The liability of an issuer, nominated person or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in Section
75-5-104
or by a provision in the person's letter of credit, confirmation or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction.
(b)
Unless subsection (a) applies, the liability of an issuer, nominated person or adviser for action or omission is governed by the law of the jurisdiction in which the person is located. The person is considered to be located at the address indicated in the person's undertaking. If more than one address is indicated, the person is considered to be located at the address from which the person's undertaking was issued. For the purpose of jurisdiction, choice of law and recognition of interbranch letters of credit, but not enforcement of a judgment, all branches of a bank are considered separate juridical entities and a bank is considered to be located at the place where its relevant branch is considered to be located under this subsection.
(c)
Except as otherwise provided in this subsection, the liability of an issuer, nominated person or adviser is governed by any rules of custom or practice, such as the Uniform Customs and Practice for Documentary Credits, to which the letter of credit, confirmation or other undertaking is expressly made subject. If (i) this chapter would govern the liability of an issuer, nominated person or adviser under subsection (a) or (b), (ii) the relevant undertaking incorporates rules of custom or practice, and (iii) there is conflict between this chapter and those rules as applied to that undertaking, those rules govern except to the extent of any conflict with the nonvariable provisions specified in Section
75-5-103(c)
.
(d)
If there is conflict between this chapter and Chapters 3, 4, 4A or 9, this chapter governs.
(e)
The forum for settling disputes arising out of an undertaking within this chapter may be chosen in the manner and with the binding effect that governing law may be chosen in accordance with subsection (a).
Laws, 1996, ch. 460, § 17, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-117 - Subrogation of issuer, applicant and nominated person

(a)
An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of the underlying obligation owed to the applicant.
(b)
An applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter or nominated person to the same extent as if the applicant were the secondary obligor of the obligations owed to the issuer and has the rights of subrogation of the issuer to the rights of the beneficiary stated in subsection (a).
(c)
A nominated person who pays or gives value against a draft or demand presented under a letter of credit is subrogated to the rights of:
(1)
The issuer against the applicant to the same extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant;
(2)
The beneficiary to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the beneficiary; and
(3)
The applicant to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the applicant.
(d)
Notwithstanding any agreement or term to the contrary, the rights of subrogation stated in subsections (a) and (b) do not arise until the issuer honors the letter of credit or otherwise pays and the rights in subsection (c) do not arise until the nominated person pays or otherwise gives value. Until then, the issuer, nominated person and the applicant do not derive under this section present or prospective rights forming the basis of a claim, defense or excuse.
Laws, 1996, ch. 460, § 18, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 5 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 5. LETTERS OF CREDIT (§§ 75-5-101 — 75-5-118) › Section 75-5-118 - Security interest of issuer or nominated person

(a)
An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.
(b)
So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under subsection (a), the security interest continues and is subject to Article 9 of the Uniform Commercial Code, but:
(1)
A security agreement is not necessary to make the security interest enforceable under Section
75-9-203(b)(3)
;
(2)
If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and
(3)
If the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document.
Laws, 2001, ch. 495, § 3, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 6 - UNIFORM COMMERCIAL CODE-BULK TRANSFERS (§§ 75-6-101 — 75-6-112) › Section 75-6-101 - through 75-6-111 - [Repealed]

Repealed by Laws, 1994, ch. 337, § 1, eff. 7/1/1995.
§ 75-6-101. [Codes, 1942, § 41A:6-101; Laws, 1966, ch. 316, § 6-101, eff. 3/31/1968] § 75-6-102. [Codes, 1942, § 41A:6-102; Laws, 1966, ch. 316, § 6-102, eff. 3/31/1968] § 75-6-103. [Codes, 1942, § 41A:6-103; Laws, 1966, ch. 316, § 6-103, eff. 3/31/1968] § 75-6-104. [Codes, 1942, § 41A:6-104; Laws, 1966, ch. 316, § 6-104, eff. 3/31/1968]§ 75-6-105. [Codes, 1942, § 41A:6-105; Laws, 1966, ch. 316, § 6-105, eff. 3/31/1968] § 75-6-106. [Codes, 1942, § 41A:6-106; Laws, 1966, ch. 316, § 6-106, eff. 3/31/1968] § 75-6-107. [Codes, 1942, § 41A:6-107; Laws, 1966, ch. 316, § 6-107, eff. 3/31/1968] § 75-6-108. [Codes, 1942, § 41A:6-108; Laws, 1966, ch. 316, § 6-108, eff. 3/31/1968] § 75-6-109. [Codes, 1942, § 41A:6-109; Laws, 1966, ch. 316, § 6-109, eff. 3/31/1968] § 75-6-110. [Codes, 1942, § 41A:6-110; Laws, 1966, ch. 316, § 6-110, eff. 3/31/1968] § 75-6-111. [Codes, 1942, § 41A:6-111; Laws, 1966, ch. 316, § 6-111, eff. 3/31/1968]
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 6 - UNIFORM COMMERCIAL CODE-BULK TRANSFERS (§§ 75-6-101 — 75-6-112) › Section 75-6-112 - Repeal of Sections 75-6-101 through 75-6-111

Section
75-6-101
through Section
75-6-111
, Mississippi Code of 1972, shall stand repealed from and after July 1, 1995.
Laws, 1994, ch. 337, § 1, eff. 3/14/1994.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 1 - GENERAL (§§ 75-7-101 — 75-7-106) › Section 75-7-101 - Short title

This chapter shall be known and may be cited as Uniform Commercial Code-Documents of Title.
Codes, 1942, § 41A:7-101; Laws, 1966, ch. 316, § 7-101, eff. 3/31/1968.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 1 - GENERAL (§§ 75-7-101 — 75-7-106) › Section 75-7-102 - Definitions and index of definitions

(a)
In this chapter, unless the context otherwise requires:
(1)
"Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them.
(2)
"Carrier" means a person that issues a bill of lading.
(3)
"Consignee" means a person named in a bill of lading to which or to whose order the bill promises delivery.
(4)
"Consignor" means a person named in a bill of lading as the person from which the goods have been received for shipment.
(5)
"Delivery order" means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading.
(6)
[Reserved]
(7)
"Goods" means all things that are treated as movable for the purposes of a contract for storage or transportation.
(8)
"Issuer" means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. The term includes a person for which an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed, or in any other respect the agent or employee violated the issuer's instructions.
(9)
"Person entitled under the document" means the holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title.
(10)
[Reserved]
(11)
"Sign" means, with present intent to authenticate or adopt a record:
(A)
To execute or adopt a tangible symbol; or
(B)
To attach to or logically associate with the record an electronic sound, symbol, or process.
(12)
"Shipper" means a person that enters into a contract of transportation with a carrier.
(13)
"Warehouse" means a person engaged in the business of storing goods for hire.
(b)
Definitions in other chapters applying to this chapter and the sections in which they appear are:
(1)
"Contract for sale," Section
75-2-106
.
(2)
"Lessee in the ordinary course of business," Section
75-2A-103
.
(3)
" 'Receipt' of goods," Section
75-2-103
.
(c)
In addition, Chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.
Codes, 1942, § 41A:7-102; Laws, 1966, ch. 316, § 7-102; Laws, 2006, ch. 527, § 1; Laws, 2007, ch. 355, § 1; Laws, 2007, ch. 381, § 1; Laws, 2010, ch. 506, § 38, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 1 - GENERAL (§§ 75-7-101 — 75-7-106) › Section 75-7-103 - Relation of chapter to treaty, statute, tariff or regulation

(a)
This chapter is subject to any treaty or statute of the United States or regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable.
(b)
This chapter does not repeal or modify any law prescribing the form or contents of a document of title or the services or facilities to be afforded by a bailee, or otherwise regulating a bailee's businesses in respects not specifically treated in this chapter. However, violation of these laws does not affect the status of a document of title that otherwise complies with the definition of a document of title.
(c)
This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act (15 USCS Section 7001 et seq.) but does not modify, limit, or supersede Section 101(c) of that act (15 USCS Section 7001(c)) or authorize electronic delivery of any of the notices described in Section 103(b) of that act (15 USCS Section 7003(b)).
(d)
To the extent there is a conflict between the Uniform Electronic Transactions Act (Title 75, Chapter 12) and this chapter, this chapter governs.
Codes, 1942 § 41A:7-103; Laws, 1966, ch. 316, § 7-103; Laws, 2006, ch. 527, § 2; Laws, 2007, ch. 355, § 2; Laws, 2007, ch. 381, § 2, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 1 - GENERAL (§§ 75-7-101 — 75-7-106) › Section 75-7-104 - Negotiable and nonnegotiable bill of lading or other document of title

(a)
A document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person.
(b)
A document of title other than one described in subsection (a) is nonnegotiable. A bill of lading that states that the goods are consigned to a named person is not made negotiable by a provision that the goods are to be delivered only against an order in a record signed by the same or another named person.
(c)
A document of title is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable.
Codes, 1942, § 41A:7-104; Laws, 1966, ch. 316, § 7-104; Laws, 2006, ch. 527, § 3; Laws, 2007, ch. 355, § 3; Laws, 2007, ch. 381, § 3, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 1 - GENERAL (§§ 75-7-101 — 75-7-106) › Section 75-7-105 - Issuance of tangible document of title as substitute for electronic document; issuance of electronic document as substitute for tangible document

(a)
Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:
(1)
The person entitled under the electronic document surrenders control of the document to the issuer; and
(2)
The tangible document when issued contains a statement that it is issued in substitution for the electronic document.
(b)
Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a):
(1)
The electronic document ceases to have any effect or validity; and
(2)
The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.
(c)
Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:
(1)
The person entitled under the tangible document surrenders possession of the document to the issuer; and
(2)
The electronic document when issued contains a statement that it is issued in substitution for the tangible document.
(d)
Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (c):
(1)
The tangible document ceases to have any effect or validity; and
(2)
The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.
Codes, 1942, § 41A:7-105; Laws, 1966, ch. 316, § 7-105; Laws, 2006, ch. 527, § 4; Laws, 2007, ch. 355, § 4; Laws, 2007, ch. 381, § 4, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 1 - GENERAL (§§ 75-7-101 — 75-7-106) › Section 75-7-106 - Control of electronic document of title

(a)
A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
(b)
A system satisfies subsection (a), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:
(1)
A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2)
The authoritative copy identifies the person asserting control as:
(A)
The person to which the document was issued; or
(B)
If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
(3)
The authoritative copy is communicated to and maintained by the person asserting control or is designated custodian;
(4)
Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
(5)
Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
(6)
Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
Laws, 2006, ch. 527, § 5; Laws, 2007, ch. 355, § 5; Laws, 2007, ch. 381, § 5, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 2 - WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (§§ 75-7-201 — 75-7-210) › Section 75-7-201 - Who may issue a warehouse receipt; storage under government bond

(a)
A warehouse receipt may be issued by any warehouse.
(b)
If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse.
Codes, 1942, § 41A:7-201; Laws, 1966, ch. 316, § 7-201; Laws, 2006, ch. 527, § 6; Laws, 2007, ch. 355, § 6; Laws, 2007, ch. 381, § 6, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 2 - WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (§§ 75-7-201 — 75-7-210) › Section 75-7-202 - Form of warehouse receipt; essential terms; optional terms

(a)
A warehouse receipt need not be in any particular form.
(b)
Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission:
(1)
The location of the warehouse facility where the goods are stored;
(2)
The date of issue of the receipt;
(3)
The unique identification code of the receipt;
(4)
A statement whether the goods received will be delivered to the bearer, to a named person, or to a named person or its order;
(5)
The rate of storage and handling charges, but if goods are stored under a field warehousing arrangement, a statement of that fact is sufficient on a nonnegotiable receipt;
(6)
A description of the goods or the packages containing them;
(7)
The signature of the warehouse or its agent;
(8)
If the receipt is issued for goods that the warehouse owns, either solely, jointly, or in common with others, the fact of that ownership; and
(9)
A statement of the amount of advances made and of liabilities incurred for which the warehouse claims a lien or security interest, but if the precise amount of advances made or of liabilities incurred is, at the time of the issue of the receipt, unknown to the warehouse or to its agent that issued the receipt, a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient.
(c)
A warehouse may insert in its receipt any terms that are not contrary to the provisions of the Uniform Commercial Code and do not impair its obligation of delivery under Section
75-7-403
or its duty of care under Section
75-7-204
. Any contrary provisions are ineffective.
Codes, 1942, § 7-202; Laws, 1966, ch. 316, § 7-202; Laws, 2006, ch. 527, § 7; Laws, 2007, ch. 355, § 7; Laws, 2007, ch. 381, § 7, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 2 - WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (§§ 75-7-201 — 75-7-210) › Section 75-7-203 - Liability for nonreceipt or misdescription

A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that:
(1)
The document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by "contents, condition, and quality unknown," "said to contain, " or words of similar import, if the indication is true; or
(2)
The party or purchaser otherwise has notice of the nonreceipt or misdescription.
Codes, 1942, § 41A:7-203; Laws, 1966, ch. 316, § 7-203; Laws, 2006, ch. 527, § 8; Laws, 2007, ch. 355, § 8; Laws, 2007, ch. 381, § 8, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 2 - WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (§§ 75-7-201 — 75-7-210) › Section 75-7-204 - Duty of care; contractual limitation of warehouse's liability; relationship of section to Chapters 43 and 44 of Title 75

(a)
A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstances. However, unless otherwise agreed, the warehouse is not liable for damages that could not have been avoided by the exercise of that care.
(b)
Damages may be limited by a term in the warehouse receipt or storage agreement limiting the amount of liability in case of loss or damage beyond which the warehouse is not liable. Such a limitation is not effective with respect to the warehouse's liability for conversion to its own use. The warehouse's liability, on request of the bailor in a record at the time of signing such storage agreement or within a reasonable time after receipt of the warehouse receipt, may be increased on part or all of the goods covered by the storage agreement or the warehouse receipt. In this event, increased rates may be charged based on an increased valuation of the goods.
(c)
Reasonable provisions as to the time and manner of presenting claims and commencing actions based on the bailment may be included in the warehouse receipt or storage agreement.
(d)
This section does not impair or repeal Title 75, Chapter 43, or Title 75, Chapter 44.
Codes, 1942, § 41A:7-204; Laws, 1966, ch. 316, § 7-204; Laws, 2006, ch. 527, § 9; Laws, 2007, ch. 355, § 9; Laws, 2007, ch. 381, § 9, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 2 - WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (§§ 75-7-201 — 75-7-210) › Section 75-7-205 - Title under warehouse receipt defeated in certain cases

A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling the goods takes free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated.
Codes, 1942, § 41A:7-205; Laws, 1966, ch. 316, § 7-205; Laws, 2006, ch. 527, § 10, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 2 - WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (§§ 75-7-201 — 75-7-210) › Section 75-7-206 - Termination of storage at warehouse's option

(a)
A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by the document of title or, if a period is not fixed, within a stated period not less than thirty (30) days after the warehouse gives notice. If the goods are not removed before the date specified in the notice, the warehouse may sell them pursuant to Section
75-7-210
.
(b)
If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (a) and Section
75-7-210
, the warehouse may specify in the notice given under subsection (a) any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than one (1) week after a single advertisement or posting.
(c)
If, as a result of a quality or condition of the goods of which the warehouse did not have notice at the time of deposit, the goods are a hazard to other property, the warehouse facilities, or other persons, the warehouse may sell the goods at public or private sale without advertisement or posting on reasonable notification to all persons known to claim an interest in the goods. If the warehouse, after a reasonable effort, is unable to sell the goods, it may dispose of them in any lawful manner and does not incur liability by reason of that disposition.
(d)
A warehouse shall deliver the goods to any person entitled to them under this chapter upon due demand made at any time before sale or other disposition under this section.
(e)
A warehouse may satisfy its lien from the proceeds of any sale or disposition under this section but shall hold the balance for delivery on the demand of any person to which the warehouse would have been bound to deliver the goods.
Codes, 1942, § 41A:7-206; Laws, 1966, ch. 316, § 7-206; Laws, 2006, ch. 527, § 11; Laws, 2007, ch. 355, § 10; Laws, 2007, ch. 381, § 10, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 2 - WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (§§ 75-7-201 — 75-7-210) › Section 75-7-207 - Goods must be kept separate; fungible goods

(a)
Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled.
(b)
If different lots of fungible goods are commingled, the goods are owned in common by the persons entitled thereto and the warehouse is severally liable to each owner for that owner's share. If, because of overissue, a mass of fungible goods is insufficient to meet all the receipts the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated.
Codes, 1942, § 41A:7-207; Laws, 1966, ch. 316, § 7-207; Laws, 2006, ch. 527, § 12; Laws, 2007, ch. 355, § 11; Laws, 2007, ch. 381, § 11, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 2 - WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (§§ 75-7-201 — 75-7-210) › Section 75-7-208 - Altered warehouse receipts

If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according to its original tenor.
Codes, 1942, § 41A:7-208; Laws, 1966, ch. 316, § 7-208; Laws, 2006, ch. 527, § 13; Laws, 2007, ch. 355, § 12; Laws, 2007, ch. 381, § 12, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-301 - Liability for nonreceipt or misdescription; "said to contain"; "shipper's load and count"; improper handling

(a)
A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying upon the description of the goods in the bill or upon the date shown in the bill, may recover from the issuer damages caused by the misdating of the bill or the nonreceipt or misdescription of the goods, except to the extent that the document of title indicates that the issuer does not know whether any part or all of the goods in fact were received or conform to the description, such as in a case in which the description is in terms of marks or labels or kind, quantity, or condition or the receipt or description is qualified by "contents or condition of contents of packages unknown," "said to contain," "shipper's weight, load and count," or words of similar import, if that indication is true.
(b)
If goods are loaded by the issuer of the bill of lading, the issuer shall count the packages of goods if shipped in packages and ascertain the kind and quantity if shipped in bulk and words such as "shipper's weight, load and count," or words of similar import indicating that the description was made by the shipper are ineffective except as to goods concealed by packages.
(c)
If bulk goods are loaded by a shipper that makes available to the issuer of the bill of lading adequate facilities for weighing those goods, the issuer shall ascertain the kind and quantity within a reasonable time after receiving the shipper's request in a record to do so. In that case, "shipper's weight" or other words of similar import are ineffective.
(d)
The issuer, by including in the bill of lading the words "shipper's weight, load and count," or words of similar import, may indicate that the goods were loaded by the shipper, and, if that statement is true, the issuer is not liable for damages caused by the improper loading. However, omission of such words does not imply liability for damages caused by improper loading.
(e)
A shipper guarantees to the issuer the accuracy at the time of shipment of the description, marks, labels, number, kind, quantity, condition, and weight, as furnished by the shipper, and the shipper shall indemnify the issuer against damage caused by inaccuracies in those particulars. This right of the issuer to that indemnity does not limit its responsibility or liability under the contract of carriage to any person other than the shipper.
Codes, 1942, § 41A:7-301; Laws, 1966, ch. 316, § 7-301; Laws, 2006, ch. 527, § 16; Laws, 2007, ch. 355, § 15; Laws, 2007, ch. 381, § 15, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-302 - Through bills of lading and similar documents of title

(a)
The issuer of a through bill of lading or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier is liable to any person entitled to recover on the document for any breach by the other person or the performing carrier of its obligation under the document. However, to the extent that the bill covers an undertaking to be performed overseas or in territory not contiguous to the continental United States or an undertaking including matters other than transportation, this liability for breach by the other person or the performing carrier may be varied by agreement of the parties.
(b)
If goods covered by a through bill of lading or other document of title embodying an undertaking to be performed in part by a person other than the issuer are received by that person, the person is subject, with respect to its own performance while the goods are in its possession, to the obligation of the issuer. The person's obligation is discharged by delivery of the goods to another person pursuant to the document and does not include liability for breach by any other person or by the issuer.
(c)
The issuer of a through bill of lading or other document of title described in subsection (a) is entitled to recover from the performing carrier, or other person in possession of the goods when the breach of the obligation under the document occurred:
(1)
The amount it may be required to pay to any person entitled to recover on the document for the breach, as may be evidenced by any receipt, judgment, or transcript of judgment; and
(2)
The amount of any expense reasonably incurred by the issuer in defending any action commenced by any person entitled to recover on the document for the breach.
Codes, 1942, § 41A:7-302; Laws, 1966, ch. 316, § 7-302; Laws, 2006, ch. 527, § 17; Laws, 2007, ch. 355, § 16; Laws, 2007, ch. 381, § 16, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-303 - Diversion; reconsignment; change of instructions

(a)
Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on instructions from:
(1)
The holder of a negotiable bill;
(2)
The consignor on a nonnegotiable bill even if the consignee has given contrary instruction;
(3)
The consignee on a nonnegotiable bill in the absence of contrary instructions from the consignor, if the goods have arrived at the billed destination or if the consignee is in possession of the tangible bill or in control of the electronic bill; or
(4)
The consignee on a nonnegotiable bill, if the consignee is entitled as against the consignor to dispose of the goods.
(b)
Unless instructions described in subsection (a) are included in a negotiable bill of lading, a person to which the bill is duly negotiated may hold the bailee according to the original terms.
Codes, 1942, § 41A:7-303; Laws, 1966, ch. 316, § 7-303; Laws, 2006, ch. 527, § 18; Laws, 2007, ch. 355, § 17; Laws, 2007, ch. 381, § 17, eff. 3/15/2007.