reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 4 - RIGHTS OF THIRD PARTIES (§§ 75-9-401 — 75-9-409) › Section 75-9-404 - Rights acquired by assignee; claims and defenses against assignee

(a)
Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee are subject to:
(1)
All terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the transaction that gave rise to the contract; and
(2)
Any other defense or claim of the account debtor against the assignor which accrues before the account debtor receives a notification of the assignment authenticated by the assignor or the assignee.
(b)
Subject to subsection (c) and except as otherwise provided in subsection (d), the claim of an account debtor against an assignor may be asserted against an assignee under subsection (a) only to reduce the amount the account debtor owes.
(c)
This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(d)
In a consumer transaction, if a record evidences the account debtor's obligation, law other than this article requires that the record include a statement to the effect that the account debtor's recovery against an assignee with respect to claims and defenses against the assignor may not exceed amounts paid by the account debtor under the record, and the record does not include such a statement, the extent to which a claim of an account debtor against the assignor may be asserted against an assignee is determined as if the record included such a statement.
(e)
This section does not apply to an assignment of a health-care-insurance receivable.
Former 1972 Code §
75-9-404
[Codes, 1942, § 41A:9-404; Laws, 1966, ch. 316, § 9-404; Laws, 1977, ch. 452, § 27; Laws, 1978, ch. 401, § 1; Laws, 1985, ch. 381, § 2, eff. 7/1/1985] is now found in comparable provisions enacted at §
75-9-513
by Laws, 2001, ch. 495, § 1. Present §
75-9-404
was derived from former 1972 Code §
75-9-318
[Codes, 1942, § 41A:9-318; Laws, 1966, ch. 316, § 9-318; Laws, 1977, ch. 452, § 23, eff. 4/1/1978] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 4 - RIGHTS OF THIRD PARTIES (§§ 75-9-401 — 75-9-409) › Section 75-9-405 - Modification of assigned contract

(a)
A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b) through (d).
(b)
Subsection (a) applies to the extent that:
(1)
The right to payment or a part thereof under an assigned contract has not been fully earned by performance; or
(2)
The right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under Section
75-9-406(a)
.
(c)
This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(d)
This section does not apply to an assignment of a health-care-insurance receivable.
Former 1972 Code §
75-9-405
[Codes, 1942, § 41A:9-405; Laws, 1966, ch. 316, § 9-405; Laws, 1968, ch. 491, § 1; Laws, 1977, ch. 452, § 28; Laws, 1985, ch. 381, § 3, eff. 7/1/1985] is now found in comparable provisions enacted at §§
75-9-514
and
75-9-519
by Laws, 2001, ch. 495, § 1. Present §
75-9-405
was derived from former 1972 Code §
75-9-318
[Codes, 1942, § 41A:9-318; Laws, 1966, ch. 316, § 9-318; Laws, 1977, ch. 452, § 23, eff. 4/1/1978] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 4 - RIGHTS OF THIRD PARTIES (§§ 75-9-401 — 75-9-409) › Section 75-9-407 - Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest

(a)
Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it:
(1)
Prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or
(2)
Provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(b)
Except as otherwise provided in Section
75-2A-303(7)
, a term described in subsection (a)(2) is effective to the extent that there is:
(1)
A transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or
(2)
A delegation of a material performance of either party to the lease contract in violation of the term.
(c)
The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of Section
75-2A-303(4)
unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor.
Former 1972 Code §
75-9-407
[Codes, 1942, § 41A:9-407; Laws, 1968, ch. 492, § 1; Laws, 1977, ch. 452, § 30; Laws, 1985, ch. 381, § 5, eff. 7/1/1985] is now found in comparable provisions enacted at §
75-9-523
by Laws, 2001, ch. 495, § 1. Present §
75-9-407
was derived from 1972 Code §
75-2A-303
[Laws, 1994, ch. 445, § 1, eff. 7/1/1994] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 4 - RIGHTS OF THIRD PARTIES (§§ 75-9-401 — 75-9-409) › Section 75-9-409 - Restrictions on assignment of letter-of-credit rights ineffective

(a)
A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or requires the consent of an applicant, issuer, or nominated person to a beneficiary's assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that the term or rule of law, statute, regulation, custom, or practice:
(1)
Would impair the creation, attachment, or perfection of a security interest in the letter-of-credit right; or
(2)
Provides that the assignment or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the letter-of-credit right.
(b)
To the extent that a term in a letter of credit is ineffective under subsection (a) but would be effective under law other than this article or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit, or to the assignment of a right to proceeds of the letter of credit, the creation, attachment, or perfection of a security interest in the letter-of-credit right:
(1)
Is not enforceable against the applicant, issuer, nominated person, or transferee beneficiary;
(2)
Imposes no duties or obligations on the applicant, issuer, nominated person, or transferee beneficiary; and
(3)
Does not require the applicant, issuer, nominated person, or transferee beneficiary to recognize the security interest, pay or render performance to the secured party, or accept payment or other performance from the secured party.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-501 - Filing office

(a)
Except as otherwise provided in subsection (b), if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:
(1)
The office designated for the filing or recording of a record of a mortgage on the related real property, if:
(A)
The collateral is as-extracted collateral or timber to be cut; or
(B)
The financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or
(2)
The Office of the Secretary of State in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing.
(b)
The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the Office of the Secretary of State. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become fixtures.
Former 1972 Code §
75-9-501
[Codes, 1942, § 41A:9-501; Laws, 1966, ch. 316, § 9-501; Laws, 1977, ch. 452, § 32, eff. 4/1/1978] is now found in comparable provisions enacted at §§
75-9-601
through
75-9-604
by Laws, 2001, ch. 495, § 1. Present §
75-9-501
was derived from former 1972 Code §
75-9-401
[Codes, 1942, § 41A:9-401; Laws, 1966, ch. 316, § 9-401; Laws, 1968, ch. 489, § 1; Laws, 1977, ch. 452, § 24; Laws, 1982, ch. 439; Laws, 1984, ch. 454, § 1; Laws, 1995, ch. 329, § 1, eff. 7/1/1995] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-502 - Contents of financing statement; record of mortgage as financing statement; time of filing financing statement

(a)
Subject to subsection (b), a financing statement is sufficient only if it:
(1)
Provides the name of the debtor;
(2)
Provides the name of the secured party or a representative of the secured party; and
(3)
Indicates the collateral covered by the financing statement.
(b)
Except as otherwise provided in Section
75-9-501(b)
, to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) and also:
(1)
Indicate that it covers this type of collateral;
(2)
Indicate that it is to be filed for record in the real property records;
(3)
Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and
(4)
If the debtor does not have an interest of record in the real property, provide the name of a record owner.
(c)
A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:
(1)
The record indicates the goods or accounts that it covers;
(2)
The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;
(3)
The record satisfies the requirements for a financing statement in this section, but:
(A)
The record need not indicate that it is to be filed in the real property records; and
(B)
The record sufficiently provides the name of the debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom Section
75-9-503(a)(4)
applies; and
(4)
The record is duly recorded.
(d)
A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.
Former 1972 Code §
75-9-502
[Codes, 1942, § 41A:9-502; Laws, 1966, ch. 316, § 9-502; Laws, 1977, ch. 452, § 33, eff. 4/1/1978] is now found in comparable provisions enacted at §§
75-9-607
and
75-9-608
by Laws, 2001, ch. 495, § 1. Present §
75-9-502
was derived from former 1972 Code §
75-9-402
[Codes, 1942, § 41A:9-402; Laws, 1966, ch. 316, § 9-402; Laws, 1968, ch. 490, § 1; Laws, 1977, ch. 452, § 25, eff. 4/1/1978] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Amended by Laws, 2013, ch. 451, SB 2609, 12, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-504 - Indication of collateral

A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1)
A description of the collateral pursuant to Section
75-9-108
; or
(2)
An indication that the financing statement covers all assets or all personal property.
Former 1972 Code §
75-9-504
[Codes, 1942, § 41A:9-504; Laws, 1966, ch. 316, § 9-504; Laws, 1970, ch. 272, § 1; Laws, 1977, ch. 452, § 34, eff. 4/1/1978] is now found in comparable provisions enacted at §§
75-9-610
,
75-9-611
,
75-9-615
,
75-9-617
,
75-9-618
, and
75-9-624
by Laws, 2001, ch. 495, § 1. Present §
75-9-504
was derived from former 1972 Code §
75-9-402
[Codes, 1942, § 41A:9-402; Laws, 1966, ch. 316, § 9-402; Laws, 1968, ch. 490, § 1; Laws, 1977, ch. 452, § 25, eff. 4/1/1978] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-505 - Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions

(a)
A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in Section
75-9-311(a)
, using the terms "consignor," "consignee," "lessor," "lessee," "bailor," "bailee," "licensor," "licensee," "owner," "registered owner," "buyer," "seller," or words of similar import, instead of the terms "secured party" and "debtor."
(b)
This part applies to the filing of a financing statement under subsection (a) and, as appropriate, to compliance that is equivalent to filing a financing statement under Section
75-9-311(b)
, but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.
Former 1972 Code §
75-9-505
[Codes, 1942, § 41A:9-505; Laws, 1966, ch. 316, § 9-505; Laws, 1977, ch. 452, § 35, eff. 4/1/1978] is now found in comparable provisions enacted at §§
75-9-620
,
75-9-621
, and
75-9-624
by Laws, 2001, ch. 495, § 1. Present §
75-9-505
was derived from former 1972 Code §
75-9-408
[Laws, 1977, ch. 452, § 31, eff. 4/1/1978] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-506 - Effect of errors or omissions

(a)
A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
(b)
Except as otherwise provided in subsection (c), a financing statement that fails sufficiently to provide the name of the debtor in accordance with Section
75-9-503(a)
is seriously misleading.
(c)
If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with Section
75-9-503(a)
, the name provided does not make the financing statement seriously misleading.
(d)
For purposes of Section
75-9-508(b)
, the "debtor's correct name" in subsection (c) means the correct name of the new debtor.
Former 1972 Code §
75-9-506
[Codes, 1942, § 41A:9-506; Laws, 1966, ch. 316, § 9-506, eff. 3/31/1968] is now found in comparable provisions enacted at §§
75-9-623
and
75-9-624
by Laws, 2001, ch. 495, § 1. Present §
75-9-506
was derived from former 1972 Code §
75-9-402
[Codes, 1942, § 41A:9-402; Laws, 1966, ch. 316, § 9-402; Laws, 1968, ch. 490, § 1; Laws, 1977, ch. 452, § 25, eff. 4/1/1978] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-507 - Effect of certain events on effectiveness of financing statement

(a)
A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(b)
Except as otherwise provided in subsection (c) and Section
75-9-508
, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under Section
75-9-506
.
(c)
If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under Section
75-9-503(a)
so that the financing statement becomes seriously misleading under Section
75-9-506
:
(1)
The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four (4) months after, the filed financing statement becomes seriously misleading; and
(2)
The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four (4) months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four (4) months after the financing statement becomes seriously misleading.
Former 1972 Code §
75-9-507
[Codes, 1942, § 41A:9-507; Laws, 1966, ch. 316, § 9-507, eff. 3/31/1968] is now found in comparable provisions enacted at §§
75-9-625
and
75-9-627
by Laws, 2001, ch. 495, § 1. Present §
75-9-507
was derived from former 1972 Code §
75-9-402
[Codes, 1942, § 41A:9-402; Laws, 1966, ch. 316, § 9-402; Laws, 1968, ch. 490, § 1; Laws, 1977, ch. 452, § 25, eff. 4/1/1978] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Amended by Laws, 2013, ch. 451, SB 2609, 14, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-508 - Effectiveness of financing statement if new debtor becomes bound by security agreement

(a)
Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(b)
If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (a) to be seriously misleading under Section
75-9-506
:
(1)
The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four (4) months after, the new debtor becomes bound under Section
75-9-203(d)
; and
(2)
The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four (4) months after the new debtor becomes bound under Section
75-9-203(d)
unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(c)
This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under Section
75-9-507(a)
.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-509 - Persons entitled to file a record

(a)
A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(1)
The debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c); or
(2)
The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(b)
By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(1)
The collateral described in the security agreement; and
(2)
Property that becomes collateral under Section
75-9-315(a)(2)
, whether or not the security agreement expressly covers proceeds.
(c)
By acquiring collateral in which a security interest or agricultural lien continues under Section
75-9-315(a)(1)
, a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under Section
75-9-315(a)(2)
.
(d)
A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(1)
The secured party of record authorizes the filing; or
(2)
The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by Section
75-9-513(a) or (c)
, the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(e)
If there is more than one (1) secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (d).
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-510 - Effectiveness of filed record

(a)
A filed record is effective only to the extent that it was filed by a person that may file it under Section
75-9-509
.
(b)
A record authorized by one (1) secured party of record does not affect the financing statement with respect to another secured party of record.
(c)
A continuation statement that is not filed within the six-month period prescribed by Section
75-9-515(d)
is ineffective.
(d)
A filed record ceases to be effective if the Secretary of State terminates the record pursuant to Section
75-9-501.1
.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Amended by Laws, 2013, ch. 382, HB 1008, 2, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-511 - Secured party of record

(a)
A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under Section
75-9-514(a)
, the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
(b)
If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under Section
75-9-514(b)
, the assignee named in the amendment is a secured party of record.
(c)
A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-512 - Amendment of financing statement

(a)
Subject to Section
75-9-509
, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing statement by filing an amendment that:
(1)
Identifies, by its file number, the initial financing statement to which the amendment relates; and
(2)
If the amendment relates to an initial financing statement filed for record in a filing office described in Section
75-9-501(a)(1)
, provides the date that the initial financing statement was filed for record and the information specified in Section
75-9-502(b)
.
(b)
Except as otherwise provided in Section
75-9-515
, the filing of an amendment does not extend the period of effectiveness of the financing statement.
(c)
A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
(d)
A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
(e)
An amendment is ineffective to the extent it:
(1)
Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or
(2)
Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.
Derived from former 1972 Code §
75-9-402
[Codes, 1942, § 41A:9-402; Laws, 1966, ch. 316, § 9-402; Laws, 1968, ch. 490, § 1; Laws, 1977, ch. 452, § 25, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-513 - Termination statement

(a)
A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:
(1)
There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(2)
The debtor did not authorize the filing of the initial financing statement.
(b)
To comply with subsection (a), a secured party shall cause the secured party of record to file the termination statement:
(1)
Within one (1) month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(2)
If earlier, within twenty (20) days after the secured party receives an authenticated demand from a debtor.
(c)
In cases not governed by subsection (a), within twenty (20) days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:
(1)
Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;
(2)
The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
(3)
The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or
(4)
The debtor did not authorize the filing of the initial financing statement.
(d)
Except as otherwise provided in Section
75-9-510
, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in Section
75-9-510
, for purposes of Sections
75-9-519(g)
,
75-9-522(a)
and
75-9-523(c)
, the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.
Derived from former 1972 Code §
75-9-404
[Codes, 1942, § 41A:9-404; Laws, 1966, ch. 316, § 9-404; Laws, 1977, ch. 452, § 27; Laws, 1978, ch. 401, § 1; Laws, 1985, ch. 381, § 2, eff. 7/1/1985] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-514 - Assignment of powers of secured party of record

(a)
Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.
(b)
Except as otherwise provided in subsection (c), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:
(1)
Identifies, by its file number, the initial financing statement to which it relates;
(2)
Provides the name of the assignor; and
(3)
Provides the name and mailing address of the assignee.
(c)
An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under Section
75-9-502(c)
may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than the Uniform Commercial Code.
Derived from former 1972 Code §
75-9-405
[Codes, 1942, § 41A:9-405; Laws, 1966, ch. 316, § 9-405; Laws, 1968, ch. 491, § 1; Laws, 1977, ch. 452, § 28; Laws, 1985, ch. 381, § 3, eff. 7/1/1985] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-517 - Effect of indexing errors

The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 1 - FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 75-9-501 — 75-9-518) › Section 75-9-518 - Claim concerning inaccurate or wrongfully filed record

(a)
A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed.
(b)
An information statement under subsection (a) must:
(1)
Identify the record to which it relates by:
(A)
The file number assigned to the initial financing statement to which the record relates; and
(B)
If the information statement relates to a record filed for record in a filing office described in Section
75-9-501(a)(1)
, the date that the initial financing statement was filed for record and the information specified in Section
75-9-502(b)
;
(2)
Indicate that it is an information statement; and
(3)
Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.
(c)
A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under Section
75-9-509(d)
.
(d)
An information statement under subsection (c) must:
(1)
Identify the record to which it relates by:
(A)
The file number assigned to the initial financing statement to which the record relates; and
(B)
If the information statement relates to a record filed in a filing office described in Section
75-9-501(a)(1)
, the date and time that the initial financing statement was filed and the information specified in Section
75-9-502(b)
;
(2)
Indicate that it is an information statement; and
(3)
Provide the basis for the person's belief that the person that filed the record was not entitled to do so under Section
75-9-509(d)
.
(e)
The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Amended by Laws, 2013, ch. 451, SB 2609, 17, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 75-9-519 — 75-9-527) › Section 75-9-520 - Acceptance and refusal to accept record

(a)
A filing office shall refuse to accept a record for filing for a reason set forth in Section
75-9-516(b)
and may refuse to accept a record for filing only for a reason set forth in Section
75-9-516(b)
.
(b)
If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted it. The communication must be made at the time and in the manner prescribed by filing-office rule but, in the case of a filing office described in Section
75-9-501(a)(1)
, in no event more than two (2) business days after the filing office receives the record.
(c)
A filed financing statement satisfying Section
75-9-502(a) and (b)
is effective, even if the filing office is required to refuse to accept it for filing under subsection (a). However, Section
75-9-338
applies to a filed financing statement providing information described in Section
75-9-516(b)(5)
which is incorrect at the time the financing statement is filed.
(d)
If a record communicated to a filing office provides information that relates to more than one (1) debtor, this part applies as to each debtor separately.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 75-9-519 — 75-9-527) › Section 75-9-521 - Uniform form of written financing statement and amendment

(a)
A filing office that accepts written records may not refuse to accept a written initial financing statement in the form and format set forth in the official text of the 2010 amendments to Article 9 of the Uniform Commercial Code promulgated by The American Law Institute and the National Conference of Commissioners on Uniform State Laws, except for a reason set forth in Section
75-9-516(b)
.
(b)
A filing office that accepts written records may not refuse to accept a written record in the form and format set forth in the official text of the 2010 amendments to Article 9 of the Uniform Commercial Code promulgated by The American Law Institute and the National Conference of Commissioners on Uniform State Laws, except for a reason set forth in Section
75-9-516(b)
.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Amended by Laws, 2013, ch. 451, SB 2609, 18, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 75-9-519 — 75-9-527) › Section 75-9-522 - Maintenance and destruction of records

(a)
The filing office shall maintain a record of the information provided in a filed financing statement for at least one (1) year after the effectiveness of the financing statement has lapsed under Section
75-9-515
with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and:
(1)
If the record was filed or recorded in the filing office described in Section
75-9-501(a)(1)
, by using the file number assigned to the initial financing statement to which the record relates and the date that the record was filed for record; or
(2)
If the record was filed in the filing office described in Section
75-9-501(a)(2)
, by using the file number assigned to the initial financing statement to which the record relates.
(b)
Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with subsection (a).
Derived from former 1972 Code §
75-9-403
[Codes, 1942, § 41A:9-403; Laws, 1966, ch. 316, § 9-403; Laws, 1977, ch. 452, § 26; Laws, 1978, ch. 401, § 8; Laws, 1979, ch. 369; Laws, 1985, ch. 381, § 1; Laws, 1987, ch. 373, eff. 7/1/1987] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 75-9-519 — 75-9-527) › Section 75-9-524 - Delay by filing office

Delay by the filing office beyond a time limit prescribed by this part is excused if:
(1)
The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and
(2)
The filing office exercises reasonable diligence under the circumstances.
Derived from 1972 Code §
75-4-109
[Formerly §
75-4-108
: Codes, 1942, § 41A:4-108; Laws, 1966, ch. 316, § 4-108; Laws, 1992, ch. 420, § 80, eff. 1/1/1993] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 75-9-519 — 75-9-527) › Section 75-9-526 - Filing-office rules

(a)
The Secretary of State shall adopt and publish rules to implement this article. The filing-office rules must be:
(1)
Consistent with this article; and
(2)
Adopted and published in accordance with the Mississippi Administrative Procedures Act.
(b)
To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the Secretary of State, so far as is consistent with the purposes, policies, and provisions of this article, in adopting, amending, and repealing filing-office rules, shall:
(1)
Consult with filing offices in other jurisdictions that enact substantially this part; and
(2)
Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and
(3)
Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 5 - FILING (§§ 75-9-501 — 75-9-527) › Subpart 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 75-9-519 — 75-9-527) › Section 75-9-527 - Duty to report

The Secretary of State shall report annually on or before January 2 to the Legislature on the operation of the filing office. The report must contain a statement of the extent to which:
(1)
The filing-office rules are not in harmony with the rules of filing offices in other jurisdictions that enact substantially this part and the reasons for these variations; and
(2)
The filing-office rules are not in harmony with the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators, or any successor organization, and the reasons for these variations.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-601 - Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

(a)
After default, a secured party has the rights provided in this part and, except as otherwise provided in Section
75-9-602
, those provided by agreement of the parties. A secured party:
(1)
May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2)
If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b)
A secured party in possession of collateral or control of collateral under Section
75-7-106
,
75-9-104
,
75-9-105
,
75-9-106
or
75-9-107
has the rights and duties provided in Section
75-9-207
.
(c)
The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d)
Except as otherwise provided in subsection (g) and Section
75-9-605
, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e)
If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(1)
The date of perfection of the security interest or agricultural lien in the collateral;
(2)
The date of filing a financing statement covering the collateral; or
(3)
Any date specified in a statute under which the agricultural lien was created.
(f)
A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
(g)
Except as otherwise provided in Section
75-9-607(c)
, this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Derived from former 1972 Code §
75-9-501
[Codes, 1942, § 41A:9-501; Laws, 1966, ch. 316, § 9-501; Laws, 1977, ch. 452, § 32] and enacted by Laws, 2001, ch. 495, § 1; Laws, 2006, ch. 527, § 70, eff. 7/1/2006.