Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 21 - MOTOR VEHICLE TITLES (§§ 63-21-1 — 63-21-261) › Article 1 - GENERAL PROVISIONS (§§ 63-21-1 — 63-21-77) › Section 63-21-43 - Perfection of security interests

(1)
Unless excepted by Section
63-21-41
, a security interest in a vehicle, manufactured home or mobile home of a type which a certificate of title is required is not valid against creditors of the owner or subsequent transferees or lienholders of the vehicle, manufactured home or mobile home unless perfected as provided in this chapter.
(2)
(a)
A security interest is perfected at the time the owner signs a security agreement describing the vehicle, manufactured home or mobile home, the secured party gives value, the owner has rights in the vehicle, manufactured home or mobile home, and an application for certificate of title signed by the owner is presented to a designated agent; provided, however, that a purchase money security interest under Chapter 9, Title 75 (Uniform Commercial Code - secured transactions) in a mobile home or a manufactured home is perfected against the rights of judicial lien creditors and execution creditors on and after the date such purchase money security interest attaches.
(b)
The designated agent shall deliver to the Department of Revenue the existing certificate of title, if any, an application for a certificate of title containing the name and address of the lienholder and the date of his security agreement, and the required fee, but the security interest will perfect at the time the requirements of subsection 2(a) of this section are met.
(3)
If a vehicle, manufactured home or mobile home is subject to a security interest when brought into this state, the validity of the security interest is determined by the law of the jurisdiction where the vehicle, manufactured home or mobile home was when the security interest attached, subject to the following:
(a)
If the parties understood at the time the security interest attached that the vehicle, manufactured home or mobile home would be kept in this state and it was brought into this state within thirty (30) days thereafter for purposes other than transportation through this state, the validity of the security interest in this state is determined by the law of this state.
(b)
If the security interest was perfected under the law of the jurisdiction where the vehicle, manufactured home or mobile home was when the security interest attached, the following rules apply:
(i)
If the name of the lienholder is shown on an existing certificate of title issued by that jurisdiction, his security interest continues perfected in this state.
(ii)
If the name of the lienholder is not shown on an existing certificate of title issued by that jurisdiction the security interest continues perfected in this state for four (4) months after a first certificate of title of the vehicle, manufactured home or mobile home is issued in this state, and also thereafter if, within the period of four (4) months, it is perfected in this state. The security interest may also be perfected in this state after the expiration of the period of four (4) months, in which case perfection dates from the time of perfection in this state.
(c)
If the security interest was not perfected under the law of the jurisdiction where the vehicle, manufactured home or mobile home was when the security interest attached, it may be perfected in this state, in which case perfection dates from the time of perfection in this state.
(d)
A security interest may be perfected under paragraph (b)(ii) or paragraph (c) of this subsection, either as provided in subsection (2), or by the holder of the lien created out of this state delivering to a county tax collector or a designated agent a notice of security interest in the form the Department of Revenue prescribes, together with documents to support the security interest as required by the Department of Revenue and the required fee. The county tax collector or a designated agent shall process said notice in the manner prescribed by the Department of Revenue.
Codes, 1942, § 8125-41; Laws, 1968, ch. 531, § 21; Laws, 1970, ch. 483, § 6; Laws, 1977, ch. 313; Laws, 1995, ch. 437, § 1; Laws, 1999, ch. 556, § 22, eff. 7/1/1999.
Amended by Laws, 2018, ch. 401, HB 827,§ 9, eff. 1/1/2019.