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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 2 - PERFECTION (§§ 75-9-308 — 75-9-316) › Section 75-9-310 - When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply

(a)
Except as otherwise provided in subsection (b) and Section
75-9-312(b)
, a financing statement must be filed to perfect all security interests and agricultural liens.
(b)
The filing of a financing statement is not necessary to perfect a security interest:
(1)
That is perfected under Section
75-9-308(d), (e), (f), or (g)
;
(2)
That is perfected under Section
75-9-309
when it attaches;
(3)
In property subject to a statute, regulation, or treaty described in Section
75-9-311(a)
;
(4)
In goods in possession of a bailee which is perfected under Section
75-9-312(d)(1) or (2)
;
(5)
In certificated securities, documents, goods or instruments which is perfected without filing, control or possession under Section
75-9-312(e), (f), or (g)
;
(6)
In collateral in the secured party's possession under Section
75-9-313
;
(7)
In a certificated security which is perfected by delivery of the security certificate to the secured party under Section
75-9-313
;
(8)
In deposit accounts, electronic chattel paper, investment property, or letter-of-credit rights which is perfected by control under Section
75-9-314
;
(9)
In proceeds which is perfected under Section
75-9-315
; or
(10)
That is perfected under Section
75-9-316
.
(c)
If a secured party assigns a perfected security interest or agricultural lien, a filing under this article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
Former 1972 Code §
75-9-310
[Codes, 1942, § 41A:9-310; Laws, 1966, ch. 316, § 9-310] is now found in comparable provisions enacted at §
75-9-333
by Laws, 2001, ch. 495, § 1. Present §
75-9-310
was derived from former 1972 Code §
75-9-302
[Codes, 1942, § 41A:9-302; Laws, 1966, ch. 316, § 9-302; Laws, 1977, ch. 452, § 15; Laws, 1986, ch. 401, § 1; Laws, 1990, ch. 384, § 50; Laws, 1996, ch. 468, § 62 and was enacted by Laws, 2001, ch. 495, § 1; Laws, 2006, ch. 527, § 64, eff. 7/1/2006.
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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 2 - PERFECTION (§§ 75-9-308 — 75-9-316) › Section 75-9-314 - Perfection by control

(a)
A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under Section
75-7-106
,
75-9-104
,
75-9-105
,
75-9-106
or
75-9-107
.
(b)
A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under Section
75-7-106
,
75-9-104
,
75-9-105
or
75-9-107
when the secured party obtains control and remains perfected by control only while the secured party retains control.
(c)
A security interest in investment property is perfected by control under Section
75-9-106
from the time the secured party obtains control and remains perfected by control until:
(1)
The secured party does not have control; and
(2)
One (1) of the following occurs:
(A)
If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
(B)
If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
(C)
If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
Former 1972 Code §
75-9-314
[Codes, 1942, § 41A:9-314; Laws, 1966, ch. 316, § 9-314 is now found in comparable provisions enacted at §
75-9-335
by Laws, 2001, ch. 495, § 1. Present §
75-9-314
was derived from 1972 Code §
75-8-106
[Laws, 1996, ch. 468, § 7] and former 1972 Code § 75-9-115; [Laws, 1996, ch. 468, § 59 and was enacted by Laws, 2001, ch. 495, § 1; Laws, 2006, ch. 527, § 67, eff. 7/1/2006.
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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 2 - PERFECTION (§§ 75-9-308 — 75-9-316) › Section 75-9-315 - Secured party's rights on disposition of collateral and in proceeds

(a)
Except as otherwise provided in this article and in Section
75-2-403(2)
:
(1)
A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and
(2)
A security interest attaches to any identifiable proceeds of collateral.
(b)
Proceeds that are commingled with other property are identifiable proceeds:
(1)
If the proceeds are goods, to the extent provided by Section
75-9-336
; and
(2)
If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this article with respect to commingled property of the type involved.
(c)
A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
(d)
A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:
(1)
The following conditions are satisfied:
(A)
A filed financing statement covers the original collateral;
(B)
The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and
(C)
The proceeds are not acquired with cash proceeds;
(2)
The proceeds are identifiable cash proceeds; or
(3)
The security interest in the proceeds is perfected other than under subsection (c) when the security interest attaches to the proceeds or within twenty (20) days thereafter.
(e)
If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (d)(1) becomes unperfected at the later of:
(1)
When the effectiveness of the filed financing statement lapses under Section
75-9-515
or is terminated under Section
75-9-513
; or
(2)
The twenty-first day after the security interest attaches to the proceeds.
Former 1972 Code §
75-9-315
[Codes, 1942, § 41A:9-315; Laws, 1966, ch. 316, § 9-315, eff. 3/31/1968] is now found in comparable provisions enacted at §
75-9-336
by Laws, 2001, ch. 495, § 1. Present §
75-9-315
was derived from former 1972 Code §
75-9-306
[Codes, 1942, § 41A:9-306; Laws, 1966, ch. 316, § 9-306; Laws, 1977, ch. 452, § 18; Laws, 1996, ch. 468, § 67, eff. 7/1/1996] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-317 - Interests that take priority over or take free of security interest or agricultural lien

(a)
A security interest or agricultural lien is subordinate to the rights of:
(1)
A person entitled to priority under Section
75-9-322
; and
(2)
Except as otherwise provided in subsection (e), a person that becomes a lien creditor before the earlier of the time:
(A)
The security interest or agricultural lien is perfected; or
(B)
One (1) of the conditions specified in Section
75-9-203(b)(3)
is met and a financing statement covering the collateral is filed.
(b)
Except as otherwise provided in subsection (e), a buyer, other than a secured party, of tangible chattel paper, documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(c)
Except as otherwise provided in subsection (e), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(d)
A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
(e)
Except as otherwise provided in Sections
75-9-320
and
75-9-321
, if a person files a financing statement with respect to a purchase-money security interest before or within twenty (20) days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.
Former 1972 Code §
75-9-317
[Codes, 1942, § 41A:9-317; Laws, 1966, ch. 316, § 9-317 is now found in comparable provisions enacted at §
75-9-402
by Laws, 2001, ch. 495, § 1. Present §
75-9-317
was derived from 1972 Code §
75-2A-307
[Laws, 1994, ch. 445, § 1 and former 1972 Code §
75-9-301
[Codes, 1942, § 41A:9-301; Laws, 1966, ch. 316, § 9-301; Laws, 1977, ch. 452, § 14; Laws, 1986, ch. 343, § 1; Laws, 1996, ch. 468, § 62 and was enacted by Laws, 2001, ch. 495, § 1; Laws, 2006, ch. 527, § 68, eff. 7/1/2006.
Amended by Laws, 2013, ch. 451, SB 2609, 8, 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-318 - No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers

(a)
A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.
(b)
For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
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] is now found in comparable provisions enacted at §§
75-9-404
through
75-9-406
by Laws, 2001, ch. 495, § 1. Present §
75-9-318
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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-319 - Rights and title of consignee with respect to creditors and purchasers

(a)
Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
(b)
For purposes of determining the rights of a creditor of a consignee, law other than this article determines the rights and title of a consignee while goods are in the consignee's possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor.
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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-321 - Licensee of general intangible and lessee of goods in ordinary course of business

(a)
In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices.
(b)
A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.
(c)
A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence.
Derived from 1972 Code §§
75-2A-103
[Laws, 1994, ch. 445, § 1, eff. 7/1/1994] and
75-2A-307
[Laws, 1994, ch. 445, § 1, eff. 7/1/1994] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-324A - Priority of production-money security interests and agricultural liens

(a)
Except as otherwise provided in subsections (c), (d), and (e), if the requirements of subsection (b) are satisfied, a perfected production-money security interest in production-money crops has priority over a conflicting security interest in the same crops and, except as otherwise provided in Section
75-9-327
, also has priority in their identifiable proceeds.
(b)
A production-money security interest has priority under subsection (a) if:
(1)
The production-money security interest is perfected by filing when the production-money secured party first gives new value to enable the debtor to produce the crops;
(2)
The production-money secured party sends an authenticated notification to the holder of the conflicting security interest not less than ten (10) or more than thirty (30) days before the production-money secured party first gives new value to enable the debtor to produce the crops if the holder had filed a financing statement covering the crops before the date of the filing made by the production-money secured party; and
(3)
The notification states that the production-money secured party has or expects to acquire a production-money security interest in the debtor's crops and provides a description of the crops.
(c)
Except as otherwise provided in subsection (d) or (e), if more than one (1) security interest qualifies for priority in the same collateral under subsection (a), the security interests rank according to priority in time of filing under Section
75-9-322(a)
.
(d)
To the extent that a person holding a perfected security interest in production-money crops that are the subject of a production-money security interest gives new value to enable the debtor to produce the production-money crops and the value is in fact used for the production of the production-money crops, the security interests rank according to priority in time of filing under Section
75-9-322(a)
.
(e)
To the extent that a person holds both an agricultural lien and a production-money security interest in the same collateral securing the same obligations, the rules of priority applicable to agricultural liens govern priority.
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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-325 - Priority of security interests in transferred collateral

(a)
Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
(1)
The debtor acquired the collateral subject to the security interest created by the other person;
(2)
The security interest created by the other person was perfected when the debtor acquired the collateral; and
(3)
There is no period thereafter when the security interest is unperfected.
(b)
Subsection (a) subordinates a security interest only if the security interest:
(1)
Otherwise would have priority solely under Section
75-9-322(a)
or
75-9-324
; or
(2)
Arose solely under Section
75-2-711(3)
or
75-2A-508(5)
.
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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-326 - Priority of security interests created by new debtor

(a)
Subject to subsection (b), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of Section
75-9-316(i)(1)
or
75-9-508
is subordinate to a security interest in the same collateral which is perfected other than by such a filed financing statement.
(b)
The other provisions of this part determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (a). However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Amended by Laws, 2013, ch. 451, SB 2609, 9, 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-327 - Priority of security interests in deposit account

The following rules govern priority among conflicting security interests in the same deposit account:
(1)
A security interest held by a secured party having control of the deposit account under Section
75-9-104
has priority over a conflicting security interest held by a secured party that does not have control.
(2)
Except as otherwise provided in paragraphs (3) and (4), security interests perfected by control under Section
75-9-314
rank according to priority in time of obtaining control.
(3)
Except as otherwise provided in paragraph (4), a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.
(4)
A security interest perfected by control under Section
75-9-104(a)(3)
has priority over a security interest held by the bank with which the deposit account is maintained.
Derived from former 1972 Code § 75-9-115 [Laws, 1996, ch. 468, § 59, eff. 7/1/1996] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-328 - Priority of security interests in investment property

The following rules govern priority among conflicting security interests in the same investment property:
(1)
A security interest held by a secured party having control of investment property under Section
75-9-106
has priority over a security interest held by a secured party that does not have control of the investment property.
(2)
Except as otherwise provided in paragraphs (3) and (4), conflicting security interests held by secured parties each of which has control under Section
75-9-106
rank according to priority in time of:
(A)
If the collateral is a security, obtaining control;
(B)
If the collateral is a security entitlement carried in a securities account and:
(i)
If the secured party obtained control under Section
75-8-106(d)(1)
, the secured party's becoming the person for which the securities account is maintained;
(ii)
If the secured party obtained control under Section
75-8-106(d)(2)
, the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or
(iii)
If the secured party obtained control through another person under Section
75-8-106(d)(3)
, the time on which priority would be based under this paragraph if the other person were the secured party; or
(C)
If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in Section
75-9-106(b)(2)
with respect to commodity contracts carried or to be carried with the commodity intermediary.
(3)
A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.
(4)
A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.
(5)
A security interest in a certificated security in registered form which is perfected by taking delivery under Section
75-9-313(a)
and not by control under Section
75-9-314
has priority over a conflicting security interest perfected by a method other than control.
(6)
Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under Section
75-9-106
rank equally.
(7)
In all other cases, priority among conflicting security interests in investment property is governed by Sections
75-9-322
and
75-9-323
.
Derived from former 1972 Code § 75-9-115 [Laws, 1996, ch. 468, § 59, eff. 7/1/1996] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-329 - Priority of security interests in letter-of-credit right

The following rules govern priority among conflicting security interests in the same letter-of-credit right:
(1)
A security interest held by a secured party having control of the letter-of-credit right under Section
75-9-107
has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2)
Security interests perfected by control under Section
75-9-314
rank according to priority in time of obtaining control.
Derived from former 1972 Code § 75-9-115 [Laws, 1996, ch. 468, § 59, eff. 7/1/1996] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-330 - Priority of purchaser of chattel paper or instrument

(a)
A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if:
(1)
In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under Section
75-9-105
; and
(2)
The chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser.
(b)
A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under Section
75-9-105
in good faith, in the ordinary course of the purchaser's business, and without knowledge that the purchase violates the rights of the secured party.
(c)
Except as otherwise provided in Section
75-9-327
, a purchaser having priority in chattel paper under subsection (a) or (b) also has priority in proceeds of the chattel paper to the extent that:
(1)
Section
75-9-322
provides for priority in the proceeds; or
(2)
The proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected.
(d)
Except as otherwise provided in Section
75-9-331(a)
, a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.
(e)
For purposes of subsections (a) and (b), the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory.
(f)
For purposes of subsections (b) and (d), if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party.
Derived from former 1972 Code §
75-9-308
[Codes, 1942, § 41A:9-308; Laws, 1966, ch. 316, § 9-308; Laws, 1977, ch. 452, § 20, 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-331 - Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under Article 8

(a)
This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7 and 8.
(b)
This article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8.
(c)
Filing under this article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b).
Derived from former 1972 Code §
75-9-309
[Codes, 1942, § 41A:9-309; Laws, 1966, ch. 316, § 9-309; Laws, 1990, ch. 384, § 53; Laws, 1996, ch. 468, § 68, eff. 7/1/1996] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-332 - Transfer of money; transfer of funds from deposit account

(a)
A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
(b)
A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-333 - Priority of certain liens arising by operation of law

(a)
In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien:
(1)
Which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business;
(2)
Which is created by statute or rule of law in favor of the person; and
(3)
Whose effectiveness depends on the person's possession of the goods.
(b)
A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.
Derived from former 1972 Code §
75-9-310
[Codes, 1942, § 41A:9-310; Laws, 1966, ch. 316, § 9-310, eff. 3/31/1968] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-335 - Accessions

(a)
A security interest may be created in an accession and continues in collateral that becomes an accession.
(b)
If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral.
(c)
Except as otherwise provided in subsection (d), the other provisions of this part determine the priority of a security interest in an accession.
(d)
A security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate-of-title statute under Section
75-9-311(b)
.
(e)
After default, subject to Part 6, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.
(f)
A secured party that removes an accession from other goods under subsection (e) shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Derived from former 1972 Code §
75-9-314
[Codes, 1942, § 41A:9-314; Laws, 1966, ch. 316, § 9-314, eff. 3/31/1968] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-336 - Commingled goods

(a)
In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.
(b)
A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.
(c)
If collateral becomes commingled goods, a security interest attaches to the product or mass.
(d)
If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (c) is perfected.
(e)
Except as otherwise provided in subsection (f), the other provisions of this part determine the priority of a security interest that attaches to the product or mass under subsection (c).
(f)
If more than one (1) security interest attaches to the product or mass under subsection (c), the following rules determine priority:
(1)
A security interest that is perfected under subsection (d) has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.
(2)
If more than one (1) security interest is perfected under subsection (d), the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods.
Derived from former 1972 Code §
75-9-315
[Codes, 1942, § 41A:9-315; Laws, 1966, ch. 316, § 9-315, eff. 3/31/1968] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-337 - Priority of security interests in goods covered by certificate of title

If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:
(1)
A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
(2)
The security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under Section
75-9-311(b)
, after issuance of the certificate and without the conflicting secured party's knowledge of the security interest.
Derived from former 1972 Code §
75-9-103
[Codes, 1942, § 41A:9-103; Laws, 1966, ch. 316, § 9-103; Laws, 1977, ch. 452 § 6, eff. 4/1/1978; Laws, 1990, ch. 384, § 47; Laws, 1996, ch. 460, § 21; Laws, 1996, ch. 468, § 56, eff. 7/1/1996] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-338 - Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

If a security interest or agricultural lien is perfected by 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:
(1)
The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
(2)
A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
Laws, 2001, ch. 495, § 1; Laws, 2006, ch. 527, § 69, eff. 7/1/2006.
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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-339 - Priority subject to subordination

This article does not preclude subordination by agreement by a person entitled to priority.
Derived from former 1972 Code §
75-9-316
[Codes, 1942, § 41A:9-316; Laws, 1966, ch. 316, § 9-316, eff. 3/31/1968] 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 4 - RIGHTS OF BANK (§§ 75-9-340 — 75-9-342) › Section 75-9-340 - Effectiveness of right of recoupment or set-off against deposit account

(a)
Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account.
(b)
Except as otherwise provided in subsection (c), the application of this article to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party.
(c)
The exercise by a bank of a set-off against a deposit account is ineffective against a secured party that holds a security interest in the deposit account which is perfected by control under Section
75-9-104(a)(3)
, if the set-off is based on a claim against the debtor.
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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 4 - RIGHTS OF BANK (§§ 75-9-340 — 75-9-342) › Section 75-9-341 - Bank's rights and duties with respect to deposit account

Except as otherwise provided in Section
75-9-340(c)
, and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by:
(1)
The creation, attachment, or perfection of a security interest in the deposit account;
(2)
The bank's knowledge of the security interest; or
(3)
The bank's receipt of instructions 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 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 4 - RIGHTS OF BANK (§§ 75-9-340 — 75-9-342) › Section 75-9-342 - Bank's right to refuse to enter into or disclose existence of control agreement

This article does not require a bank to enter into an agreement of the kind described in Section
75-9-104(a)(2)
, even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.
Derived from 1972 Code §
75-8-106
[Laws, 1996, ch. 468, § 7] 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 4 - RIGHTS OF THIRD PARTIES (§§ 75-9-401 — 75-9-409) › Section 75-9-401 - Alienability of debtor's rights

(a)
Except as otherwise provided in subsection (b) and Sections
75-9-406
,
75-9-407
,
75-9-408
, and
75-9-409
, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article.
(b)
An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
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] is now found in comparable provisions enacted at §
75-9-501
by Laws, 2001, ch. 495, § 1. Present §
75-9-401
was derived from former 1972 Code §
75-9-311
[Codes, 1942, § 41A:9-311; Laws, 1966, ch. 316, § 9-311, eff. 3/31/1968] 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 75-9-402 - Secured party not obligated on contract of debtor or in tort

The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
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] is now found in comparable provisions enacted at §§
75-9-502
,
75-9-503
,
75-9-504
,
75-9-506
,
75-9-507
,
75-9-512
, and
75-9-521
by Laws, 2001, ch. 495, § 1. Present §
75-9-402
was derived from former 1972 Code §
75-9-317
[Codes, 1942, § 41A:9-317; Laws, 1966, ch. 316, § 9-317, eff. 3/31/1968] 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 75-9-403 - Agreement not to assert defenses against assignee

(a)
In this section, "value" has the meaning provided in Section
75-3-303(a)
.
(b)
Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment:
(1)
For value;
(2)
In good faith;
(3)
Without notice of a claim of a property or possessory right to the property assigned; and
(4)
Without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under Section
75-3-305(a)
.
(c)
Subsection (b) does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under Section
75-3-305(b)
.
(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 rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement:
(1)
The record has the same effect as if the record included such a statement; and
(2)
The account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement.
(e)
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.
(f)
Except as otherwise provided in subsection (d), this section does not displace law other than this article which gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee.
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] is now found in comparable provisions enacted at §§
75-9-515
,
75-9-516
,
75-9-519
,
75-9-522
, and
75-9-525
by Laws, 2001, ch. 495, § 1. Present §
75-9-403
was derived from former 1972 Code §
75-9-206
[Codes, 1942, § 41A:9-206; Laws, 1966, ch. 316, § 9-206, eff. 3/31/1968] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.