reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 7 - LOANS AND INVESTMENTS (§§ 81-14-301 — 81-14-321) › Section 81-14-311 - Methods of loan repayment

Subject to such rules and regulations as the commissioner may prescribe, a savings bank shall agree in writing with borrowers as to the method or plan by which an indebtedness shall be repaid.
Laws, 1992, ch. 489, § 78; reenacted without change, Laws, 1997, ch. 364, § 80; reenacted without change, Laws, 2001, ch. 457, § 80, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 7 - LOANS AND INVESTMENTS (§§ 81-14-301 — 81-14-321) › Section 81-14-315 - Rule-making power of commissioner

The commissioner shall, from time to time, promulgate such rules and regulations in respect to loans permitted to be made by state savings banks as necessary to assure that such loans are keeping with sound lending practices and to promote the purpose of this chapter.
Laws, 1992, ch. 489, § 80; reenacted without change, Laws, 1997, ch. 364, § 82; reenacted without change, Laws, 2001, ch. 457, § 82, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 7 - LOANS AND INVESTMENTS (§§ 81-14-301 — 81-14-321) › Section 81-14-317 - Nonconforming loans and investments

Unless otherwise provided, every loan or other investment made in violation of this chapter shall be due and payable according to its terms and the obligation thereof shall not be impaired; provided, however, that such violation consists only of the lending of an excessive sum on authorized security or of investing in an unauthorized investment.
Laws, 1992, ch. 489, § 81; reenacted without change, Laws, 1997, ch. 364, § 83; reenacted without change, Laws, 2001, ch. 457, § 83, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 7 - LOANS AND INVESTMENTS (§§ 81-14-301 — 81-14-321) › Section 81-14-319 - Limitation on loans to one (1)

The liability to a savings bank by a person, company, corporation or firm for money loaned, including in the liability of such person, company or firm, where a partnership, the liabilities of the several members thereof, shall not exceed twenty percent (20%) of the aggregate unimpaired capital and unimpaired surplus of said savings bank.
The following shall not be restricted to or considered as coming within the limitations of twenty percent (20%) herein prescribed:
(a)
Loans and discounts secured by warehouse receipts or shippers' order bills of lading representing actual existing values, provided the amount of such loans and discounts shall not exceed eighty-five percent (85%) of the market value of the commodities representing the actual existing values.
(b)
Loans and discounts secured by bonds, certificates or notes constituting direct obligations of the United States government, or bonds fully guaranteed by the United States government, or by full faith and credit obligations of the State of Mississippi; provided, however, the commissioner shall from time to time determine and fix the maximum percentage of the par value of all such securities that may be loaned.
(c)
Loans and discounts to the extent that they are secured or covered by guaranties, or by commitments, or agreements to take over or purchase the same, made by any federal reserve bank, or by the United States, or any department, bureau, board, commission or establishment of the United States, including any corporation wholly owned directly or indirectly by the United States; provided that such guaranties, agreements or commitments are unconditional and are to be performed by payment within sixty (60) days after demand; provided, further, that the commissioner is hereby authorized to define the terms herein used and may by regulation control the making of loans under this paragraph (c).
(d)
Loans and discounts secured in full by funds on deposit in time or savings accounts with the lending savings bank to the credit of the borrower.
Any officer or director who shall approve or make loans prohibited in this section shall be liable individually for the full amount of the principal and interest of any such loan. If the commissioner shall discover, in any examination of any open savings bank that there is a loss on any loan made in violation of this section, he shall make demand of all directors and officers approving or making such loan for payment of the entire unpaid balance on any such loan.
Like demand shall be made and suit brought by the receiver of any savings bank in liquidation. Provided, however, this section shall not apply to loans to the State of Mississippi, or to any political subdivision thereof, nor to any levee district.
Laws, 1992, ch. 489, § 82; Laws, 1996, ch. 400, § 38; reenacted without change, Laws, 1997, ch. 364, § 84; reenacted without change, Laws, 2001, ch. 457, § 84, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 7 - LOANS AND INVESTMENTS (§§ 81-14-301 — 81-14-321) › Section 81-14-321 - General parity provision

State savings banks shall have and possess the rights, powers, privileges, immunities, duties and obligations of thrift institutions organized and operating under the laws of this state or the federal government as may be prescribed by the board by general regulation under the circumstances and conditions set out therein. In the event of a conflict between the provisions of this paragraph and any other provision of this chapter, the provisions of this paragraph shall control.
Laws, 1992, ch. 489, § 83; Laws, 1996, ch. 338, § 1; reenacted without change, Laws, 1997, ch. 364, § 85; reenacted without change, Laws, 2001, ch. 457, § 85, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-351 - Generally accepted accounting principles

Savings banks shall maintain their books and records in accordance with generally accepted accounting principles.
Laws, 1992, ch. 489, § 84; reenacted without change, Laws, 1997, ch. 364, § 86; reenacted without change, Laws, 2001, ch. 457, § 86, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-353 - Liquidity

Savings banks shall maintain cash and readily marketable investments in an amount that may be established in the rules and regulations of the commissioner, but such amount shall not be less than ten percent (10%) of the assets of the savings bank. Upon receipt of a duly certified copy of a resolution by the board of directors of any savings bank requesting a temporary suspension, the commissioner may suspend the liquidity requirement for a period not longer than six (6) months.
Laws, 1992, ch. 489, § 85; reenacted without change, Laws, 1997, ch. 364, § 87; reenacted without change, Laws, 2001, ch. 457, § 87, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-355 - Net worth maintenance requirement

Each savings bank shall maintain an adequate net worth appropriate for the conduct of its business and the protection of its savings account holders. The net worth adequacy of a savings bank shall be determined by the commissioner on a regular basis, but not less than one (1) time per year after evaluating the character of management, the quality of assets, history of earnings and the retention thereof, the potential volatility of the deposit structure and the institution's capacity to furnish the broadest service to the public. A written report of such finding and determination shall be made and filed by the commissioner.
Laws, 1992, ch. 489, § 86; reenacted without change, Laws, 1997, ch. 364, § 88; reenacted without change, Laws, 2001, ch. 457, § 88, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-357 - Deposit accounts

(1)
Every savings bank shall be authorized to solicit deposits from any person, natural or corporate, except as restricted or limited by law, or by such regulations as the commissioner may prescribe.
(2)
Savings banks may receive deposits of funds upon such terms as the contract of deposit shall provide to establish methods of withdrawals.
Laws, 1992, ch. 489, § 87; reenacted without change, Laws, 1997, ch. 364, § 89; reenacted without change, Laws, 2001, ch. 457, § 89, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-359 - Joint accounts

(1)
Accounts may be in the name of two (2) or more persons, whether minor or adult, in such form that the money in the accounts are payable to either adult, or their survivors, and such money due under such accounts, and all additions thereto, shall be the property of such persons as joint tenants with the right of survivorship. The money due under such accounts may be paid to, or on the order of, any one of such persons during his lifetime or to, or on the order of, any one of the survivors of such persons. The opening of the account in such form shall be conclusive evidence with regard to the liability of the savings bank of the intention of all of the parties to the account to vest title to money due under the account and the additions thereto in such survivor or survivors. By written instructions given to the savings bank by all parties to the account, the signatures of more than one (1) of such persons during their lifetime, or of more than one (1) of the survivors after the death of any one of them, may be required for withdrawal, in which case the savings bank shall pay the money in the account only in accordance with such instructions. However, no such instructions shall limit the right of the survivor or survivors to receive the money in the account. By written agreement with the savings bank, any person may create a joint account with other persons as joint tenants with the right of survivorship and such agreement may be signed only by the persons creating the account.
(2)
The savings bank, unless instructed in writing to the contrary, may loan money to any one or more persons constituting a single membership or account as joint tenants with the right of survivorship, and any person authorized to make withdrawals as provided in this section may pledge, hypothecate or assign all, or any part of, the money due, or to become due, under such account. Any such pledge, hypothecation or assignment, or any increase to, or withdrawal from, the account shall not destroy the joint tenancy with the right of survivorship.
(3)
Payment of all or any of the money in such account, as provided in this section, shall discharge the savings bank from liability with respect to the money so paid, prior to receipt by the savings bank of a court order. After receipt of such court order, a savings bank may refuse, without liability, to honor any withdrawal on the account pending determination of the rights of the parties. No savings bank paying any survivor in accordance with the provisions of this section shall thereby be liable for any estate, inheritance or succession taxes which may be owed to this state.
Laws, 1992, ch. 489, § 88; reenacted without change, Laws, 1997, ch. 364, § 90; reenacted without change, Laws, 2001, ch. 457, § 90, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-361 - Accounts of administrators, executors, guardians, trustees and other fiduciaries

Any savings bank may accept accounts in the name of any administrator, executor, guardian, trustee or other fiduciary in trust for a named beneficiary or beneficiaries. Such fiduciary shall have the authority to vote as a member of the savings bank as if any membership account were held absolutely, and to make payments upon, and withdraw from, any such account in whole or in part. The withdrawal value of any such account, or other rights relating thereto, may be paid or delivered, in whole or in part, to such fiduciary without regard to any notice as long as such fiduciary is living. The payment or delivery to any such fiduciary or a receipt of acquittance signed by any such fiduciary to whom any such payment or any such delivery or rights is made shall be valid and sufficient release and discharge of any savings bank for the payment or delivery so made. Whenever a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the trust relationship has been given to a savings bank and the savings bank has no notice of any other disposition of the trust estate, the withdrawal value of such account, or other rights relating thereto, may at the option of a savings bank be paid or delivered, in whole or in part, to the beneficiary or beneficiaries of such trust. Whenever an account is opened by any person describing himself as trustee for another and there is no further notice of the existence and terms of a legal and valid trust, then such description shall be given in writing to such savings bank. In the event of the death of the person so described as trustee, the withdrawal value of such account, or any part thereof, may be paid to the person for whom the account was thus stated to have been opened. Such account, and all additions thereto, shall be the property of such person, unless prior to payment the trust agreement is presented to the savings bank showing a contrary interest. When made in accord with this section, the payment or delivery to any such beneficiary, beneficiaries or designated person, or a receipt or acquittance signed by any such beneficiary, beneficiaries or designated person for any such payment or delivery shall be a valid and sufficient release and discharge of a savings bank for the payment or delivery so made. Trust accounts permitted by this chapter shall not be required to be acknowledged and recorded. When an account is opened in a form described in this section, the right set forth in Section
81-14-363
shall apply. No savings bank paying any beneficiary in accordance with the provisions of this section shall thereby be liable for any estate, inheritance or succession taxes which may be owed to this state.
Laws, 1992, ch. 489, § 89; reenacted without change, Laws, 1997, ch. 364, § 91; reenacted without change, Laws, 2001, ch. 457, § 91, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-365 - Collection of processing fee for returned checks

Notwithstanding any other provision of law, a processing fee may be charged and collected by any savings bank for checks on which payment has been refused by the payor depository institution. A savings bank may also collect such fee for checks drawn on that savings bank with respect to an account with insufficient funds.
Laws, 1992, ch. 489, § 91; reenacted without change, Laws, 1997, ch. 364, § 93; reenacted without change, Laws, 2001, ch. 457, § 93, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-367 - Right of setoff on deposit account

(1)
A savings bank shall have a right of setoff, without further agreement or pledge, upon all deposit accounts owned by any member or customer to whom or upon whose behalf the savings bank has made an unsecured advance of money by loans. Upon default in the repayment of satisfaction thereof, the savings bank may cancel on its books all or any part of the deposit accounts owned by such member or customer and apply the value of such accounts in payment of such obligation.
(2)
A savings bank which exercises the right of setoff provided in this section shall first give a thirty-day notice to the member or customer that such right will be exercised. Such accounts may be held or frozen, with no withdrawals permitted, during the thirty-day notice period. Such accounts may not be canceled and the value thereof may not be applied to pay such obligation until the thirty-day period has expired without the member or customer having cured the default on the obligation. The amount of any member's or customer's interest in a joint account or other account held in the names of more than one (1) person shall be subject to the right of setoff provided in this section.
(3)
If a savings bank shall proceed in good faith as provided in this section, but it is later determined that the savings bank was not entitled to have held or set off funds, then the savings bank's sole obligation shall be to return the funds to the member's or customer's account, together with interest at the rate that would have applied if the account had not been held or set off. The savings bank shall not otherwise be liable for any costs or damages. This section is not exclusive, but shall be in addition to contract, common law and other rights of setoff. Such other rights shall not be governed in any fashion by this section.
Laws, 1992, ch. 489, § 92; reenacted without change, Laws, 1997, ch. 364, § 94; reenacted without change, Laws, 2001, ch. 457, § 94, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-369 - Savings accounts issued to minors or persons under disability; payment of withdrawals; powers of parent or guardian; withdrawals on death of holder

A savings bank and any federal savings bank may issue savings accounts to any minor or other person under disability as the sole and absolute owner of such savings account. Such savings bank may receive payments by or for such owner, pay withdrawals, accept pledges to the savings bank, and act in any other manner with respect to such account on the written instruction of such savings account holder in accord with this chapter. Any payment or delivery of rights to any minor or other person under a disability, or a receipt or acquittance signed by a minor or other person under a disability, who holds a savings account, shall be a valid and sufficient release of such savings bank for any payment so made or delivery of rights to such minor or person. The receipt, acquittance, pledge or other action required by the savings bank to be taken by such minor or person shall be binding upon such minor or person as if he were of full age and legal capacity. The parent or guardian of such minor or person shall not in his capacity as parent or guardian have the power to attach or to transfer any savings account issued to, or in the name of, such minor or person; provided, however, that in the event of the death of such minor or person, the receipt or acquittance of either parent, a person standing in loco parentis, guardian or conservator of such minor or person shall be a valid and sufficient discharge of such savings bank for any sum not exceeding One Thousand Dollars ($1,000.00), unless the minor or person has given written notice to the savings bank not to accept the signature of such person.
Laws, 1992, ch. 489, § 93; reenacted without change, Laws, 1997, ch. 364, § 95; reenacted without change, Laws, 2001, ch. 457, § 95, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-371 - Deposit accounts as deposit of securities

Notwithstanding any restrictions or limitations contained in any law of this state, the deposit accounts of any state savings bank or of any federal savings bank having its principal office in this state, may be accepted by any agency, department or official of this state in any case wherein such agency, department or official acting in its or his official capacity requires that securities be deposited with such agency, department or official.
Laws, 1992, ch. 489, § 94; reenacted without change, Laws, 1997, ch. 364, § 96; reenacted without change, Laws, 2001, ch. 457, § 96, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-373 - New account books

Upon the filing with a savings bank by the holder of records as shown by the books of the savings banks, or by his legal representative, of an affidavit to the effect that the account book, certificate or other evidence of ownership of his savings account with the savings bank has been lost or destroyed, and that such account book or certificate has not been pledged or assigned in whole or in part, such savings bank shall issue a new account book or certificate in the name of the holder of record. Such savings bank shall in no way be liable thereafter for the original account book or certificates, unless the board of directors requires a bond in an amount sufficient to indemnify the savings bank against any loss which might result from the issuance of such new account book or certificate.
Laws, 1992, ch. 489, § 95; reenacted without change, Laws, 1997, ch. 364, § 97; reenacted without change, Laws, 2001, ch. 457, § 97, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-375 - Transfer of deposit accounts

The owner of a deposit account may transfer his rights therein absolutely or conditionally to any other person eligible to hold such rights, but such transfer may be made on the books of the savings bank and accompanied by the proper application for transfer by the transferor and transferee. Such transferor and transferee shall accept such account subject to the terms and conditions of the account contract, the bylaws of the savings bank, the provisions of its certificate of incorporation, and all rules and regulations of the commissioner. Notwithstanding the effectiveness of such a transfer between the parties thereto, the savings bank may treat the holder of record of a deposit account as the owner thereof for all purposes, including payment and voting, until such transfer and assignment has been recorded by the savings bank.
Laws, 1992, ch. 489, § 96; reenacted without change, Laws, 1997, ch. 364, § 98; reenacted without change, Laws, 2001, ch. 457, § 98, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-377 - Authority of power of attorney

A savings bank may continue to recognize the authority of an individual holding a power of attorney in writing to manage or to make withdrawals, either in whole or in part, from the deposit account of a customer or member until it receives written or actual notice of death, or of adjudication of incompetency of such member, or revocation of the authority of such individual holding such power of attorney. Payment by the savings bank to an individual holding a power of attorney prior to receipt of such notice shall be a total discharge of the savings bank's obligation as to the amount so paid.
Laws, 1992, ch. 489, § 97; reenacted without change, Laws, 1997, ch. 364, § 99; reenacted without change, Laws, 2001, ch. 457, § 99, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-379 - Adverse claims to accounts

Notice to any savings bank doing business in this state of an adverse claim to an account on its books in the name of any savings account holder shall not cause the savings bank to recognize such adverse claimant, unless:
(a)
such adverse claimant either procures a restraining order, injunction or other appropriate process against the savings bank from a court of competent jurisdiction wherein the savings account holder, in whose name the account appears, is made a party and served with summons; or
(b)
such adverse claimant executes to the savings bank, in form and with sureties acceptable to it, a bond indemnifying it from any and all liability, loss, damage, costs and expenses for and on the account of the payment of such adverse claim.
Laws, 1992, ch. 489, § 98; reenacted without change, Laws, 1997, ch. 364, § 100; reenacted without change, Laws, 2001, ch. 457, § 100, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-381 - Accounts of deceased nonresidents

When an account is held in any savings bank by a person residing in another state or country, the account, or any part thereof, not in excess of Two Thousand Five Hundred Dollars ($2,500.00), may be paid to the administrator or executor appointed in the state or country where the account holder resides at the time of death; provided, however, that such administrator or executor has furnished the savings bank with (a) authenticated copies of his letters and of the order of the court which issued the letters to him authorizing him to collect, receive and remove the personal estate, and (b) an affidavit by the administrator or executor stating that to his knowledge no letters are then outstanding in this state and no petition for letters by an heir, legatee, devisee or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state. Upon payment or delivery to such representative after receipt of the affidavit and authenticated copies, the savings bank is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator. Such savings bank is not required to see to the application or disposition of the property. No action at law or in equity shall be maintained against the savings bank for payment made in accordance with the above provisions.
Laws, 1992, ch. 489, § 99; reenacted without change, Laws, 1997, ch. 364, § 101; reenacted without change, Laws, 2001, ch. 457, § 101, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-383 - Payments to successors without administration

Any savings bank may pay to the successor of a deceased depositor, as defined in Section
91-7-322(2)
, without necessity of administration, any sum to the credit of the deceased not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00) upon affidavit that the deceased died leaving no will and testament and bond signed by each of the successors guaranteeing payment of any lawful debts of the deceased to the extent of that withdrawal. The receipt of acquittance of the person or persons so paid shall be a valid and sufficient release and discharge to the savings bank against all other persons and claimants for any payment so made; however, the bond is made available to any creditor for suit against the makers of the bond.
Laws, 1992, ch. 489, § 100; Laws, 1995, ch. 380, § 3; reenacted without change, Laws, 1997, ch. 364, § 102; reenacted and amended, Laws, 2001, ch. 457, § 102; Laws, 2003, ch. 394, § 2, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-385 - Savings accounts as legal investments and as security for bonds

(1)
Administrators, executors, custodians, guardians, trustees, pension funds and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, credit unions and all other types of financial institutions, charitable, educational and eleemosynary institutions and organizations hereby are specifically authorized and empowered to invest funds held by them, without any order of any court, in savings accounts of savings banks which are under state supervision, and in accounts of insured savings banks. Such investments shall be deemed and held to be legal investments for such funds. With respect to investments by custodians, savings banks hereby are deemed to be qualified institutions within the meaning of that term as used in the Uniform Gifts to Minors Law of this state.
(2)
The provisions of this section are supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations and officials referred to in this section, and the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
Laws, 1992, ch. 489, § 101; reenacted without change, Laws, 1997, ch. 364, § 103; reenacted without change, Laws, 2001, ch. 457, § 103, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-387 - Power to borrow money

A savings bank may borrow up to twenty-five percent (25%) of its savings liability and net worth for lending purposes; a savings bank may borrow an additional twenty-five percent (25%) of its savings liability and net worth for the purpose of making loans guaranteed by the Federal Housing Administration, a private mortgage guaranty insurance company licensed to do business in this state, or by the Veterans Administration; a savings bank may borrow up to fifty percent (50%) of its savings liability and net worth to pay withdrawals. Borrowing of additional amounts for purchase or construction of a home office or branch office is authorized, but only with approval of the commissioner. Subsequent reduction of savings liability and net worth shall not in any way affect outstanding obligations, but shall be reported to the commissioner and steps taken to comply within a reasonable time. The directors may pledge or authorize the officers to pledge any assets of the saving s bank to secure any loans herein permitted. For the purpose of this paragraph, use of savings accounts in the savings bank shall not be considered borrowing.
Laws, 1992, ch. 489, § 102; Laws, 1996, ch. 400, § 39; reenacted without change, Laws, 1997, ch. 364, § 104; reenacted without change, Laws, 2001, ch. 457, § 104, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 8 - OPERATIONS (§§ 81-14-351 — 81-14-389) › Section 81-14-389 - Authority to join federal reserve bank

Any state savings bank shall have the power to subscribe to the capital stock and become a member of a federal reserve bank. Any such savings bank shall continue to be subject to the supervision and examination required by the laws of this state, except that the Federal Reserve Board shall have the right, if it deems necessary, to make examinations. The commissioner may disclose to the Federal Reserve Board, or to the examiners duly appointed by it, all information in reference to the affairs of any savings bank which has become, or desires to become, a member of a federal reserve bank.
Laws, 1992, ch. 489, § 103; reenacted without change, Laws, 1997, ch. 364, § 105; reenacted without change, Laws, 2001, ch. 457, § 105, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 9 - HOLDING COMPANIES (§§ 81-14-401 — 81-14-403) › Section 81-14-403 - Change in control requirement

(1)
Any entity contemplating an action that will result in the change of control of a savings bank or savings bank's holding company shall first make application to the commissioner for a certificate of approval. Such application shall be in the form prescribed by the commissioner and shall contain such information as he shall require.
(2)
Notwithstanding the provisions of this chapter, the commissioner may define "control" by rule and regulation in a manner to ensure uniformity with federal law, regulation and usage.
Laws, 1992, ch. 489, § 105; reenacted without change, Laws, 1997, ch. 364, § 107; reenacted without change, Laws, 2001, ch. 457, § 107, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 10 - REPEAL OF CHAPTER (§ 81-14-501) › Section 81-14-501 - [Repealed]

Repealed byLaws, 2001, ch. 457, eff.7/1/2001.
Laws, 1994, ch. 622, 155;Laws, 1997, ch. 364, 108, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-1 - Title

This chapter shall be known as the "Mississippi Rural Credit Law."
Codes, 1930, § 6497; 1942, § 4939; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-3 - Purpose

The purpose of this chapter is to promote the welfare of agriculture and to provide ways and means by which the credit facilities of the Federal Intermediate Credit Bank, now established at New Orleans, Louisiana, may be available to the agricultural and live stock interests of this state.
Codes, 1930, § 6481; 1942, § 4923; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-5 - Definition of term

The word "organization" as used herein shall be construed to mean "agricultural credit corporation" or "agricultural credit cooperative association."
Codes, 1930, § 6482; 1942, § 4924; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-7 - Number of incorporators required; general provisions

Five or more natural persons may unite to form an agricultural credit corporation, the capital stock of which shall be paid in cash and shall not be for less amount than $10,000.00.
Any one or more state banks, any one or more national banks, or any one or more state and national banks may form, or unite to form, an agricultural credit corporation under the provisions hereof as a separate and distinct crediting institution. The capital stock of any such corporation shall not be for a less amount than $10,000.00, which must be paid up in cash. Any bank desiring to form an agricultural credit corporation, or any bank desiring to subscribe to stock in any agricultural credit corporation formed under the provisions hereof is hereby authorized and empowered to subscribe for any such stock, using any money that may be available, and not required by the banking law to be set aside for surplus account, to pay therefor; and for the same purpose, any bank organized under the laws of Mississippi is hereby authorized and empowered to borrow money.
No organization formed under the provisions hereof shall be subject to the control, management, or supervision of the department of bank supervision.
The directors of any national farm loan association chartered under the provisions of the Federal Farm Loan Act and doing business in this state may organize an agricultural credit cooperative association on an accumulative capital stock plan similar to the method provided for national farm loan associations in the Federal Farm Loan Act, and do business with the members of said national farm loan association, or with other qualified persons. The directors of said association shall hold office until the first annual meeting, when the directors shall be elected by the members from among their number.
Ten or more persons engaged in producing, or producing and marketing, staple agricultural products, or live stock, may unite to form an agricultural credit cooperative association, with or without capital stock, and, if with capital stock, either on the paid up cash plan or on an accumulative plan, said capital stock increasing with and in the proportion as its loans increase, as provided by the bylaws.
Any agricultural credit cooperative association organized hereunder may provide that capital stock shall be paid in cash or that it may be payable out of the loan when made by said association to a member.
Codes, 1930, § 6483; 1942, § 4925; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-9 - Articles and bylaws subscribed to

Those desiring to organize hereunder shall subscribe to, and duly acknowledge, articles of association and bylaws.
The articles of association shall set forth the name of the organization which shall include the words "agricultural credit"; the principal place of business; the term of years the organization is to exist; the name and addresses of the persons who are to act as directors and officers until the first annual meeting; and when the organization is one with capital stock, the amount of capital stock and the par value of the shares which shall not be less than $5.00 each.
The bylaws shall specify the powers of the organization, the powers and duties of the directors, the powers and duties of the respective officers, the manner and method of conducting the business of said organization and all rules and regulations that may be necessary for the proper management of said organization. The bylaws cannot be changed except as hereinafter provided. The bylaws shall be binding on such organization, the members and the stockholders thereof, and on all with whom such organization does business, and shall have the full force and effect of law.
The articles of association and bylaws shall be subscribed to and acknowledged in triplicate, and submitted to the Federal Intermediate Credit Bank of New Orleans, Louisiana, for approval. When said bank approves such articles of association and bylaws and attests thereto, said articles of association and said bylaws shall be immediately forwarded to the secretary of state, with the fee for recording and certifying same as provided for in the chapter on corporations, if an agricultural credit corporation, and with a fee of five dollars in lieu of the above fee if an agricultural credit cooperative association. Said articles of association shall thereupon be examined by the Attorney-General and be submitted to the governor for his approval or disapproval as in the case of other domestic corporations, except that no publication and proof thereof shall be first required. When a copy of said articles shall have been approved by the governor and returned to the secretary of state for record, the secretary of state shall record same as now provided by law and shall also forward a certified copy of said articles of association and bylaws to be recorded as required by § 189 of the Constitution, in the office of the chancery clerk of the county in which the principal office or place of business be located. After approval and recordation as set out above, said organization shall have the power to do business.
Codes, 1930, § 6484; 1942, § 4926; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-11 - Amendment of bylaws

The bylaws of any organization formed hereunder may be amended by a majority vote of the stock held by those present at any meeting at which a quorum attends, the notice of which meeting shall have been given in accordance with the bylaws and shall have stated the purport of the proposed amendment and the intention to bring it up for consideration. Such amendment shall not become effective until it has been approved by the Federal Intermediate Credit Bank, and a copy recorded in the office of the chancery clerk of the county in which such organization has its domicile.
Codes, 1930, § 6485; 1942, § 4927; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-13 - Organizations may discount or sell paper to Federal Intermediate Credit Bank

Agricultural credit corporations and agricultural credit cooperative associations organized hereunder shall have power to discount with, or sell to the Federal Intermediate Credit Bank of New Orleans, Louisiana, any note, draft, bill of exchange, debenture, or other obligation, the proceeds of which have been advanced or used in the first instance for any agricultural purpose, or for the raising, breeding, fattening, or marketing of live stock, provided the amount of such paper added to the aggregate liabilities of such corporation or association does not exceed ten times the paid in and unimpaired capital and surplus of such corporation or association.
Codes, 1930, § 6486; 1942, § 4928; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-15 - Organizations may borrow money from Federal Intermediate Credit Bank

Any agricultural credit cooperative association organized hereunder shall have power, and is hereby authorized to borrow money from said Federal Intermediate Credit Bank on its notes or like instruments of indebtedness, when such notes or like instruments of indebtedness are secured by warehouse receipts or shipping documents covering such products, and in the case of live stock by mortgages on the same. No money thus borrowed shall exceed seventy-five percent of the market value of the products covered by said warehouse receipts or shipping documents, or of the live stock covered by said mortgages.
Codes, 1930, § 6487; 1942, § 4929; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-17 - Discount of note or other obligation to be approved; when interest above eight percent permitted

No organization hereby authorized shall, without the approval of the Federal Farm Loan Board, discount any note or other obligation, upon which the original borrower has been charged a rate of interest exceeding by more than one and one-half percent per annum the discount rate of said Federal Intermediate Credit Bank at the time the loan was made. But any organization hereby authorized may charge the original borrower a rate of interest equal to the current discount rate of said Federal Intermediate Credit Bank plus such excess as may be approved by the Federal Farm Loan Board, and if such rate shall amount to more than eight percent per annum the same shall not invite any penalty, nor constitute a violation of any interest or usury law of this state.
Codes, 1930, § 6488; 1942, § 4930; Laws, 1924, ch. 272; Laws, 1932, ch. 245.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-19 - Limit of capital stock to be used for certain purposes

No organization provided for herein shall have power to use or invest more than twenty percent of its capital stock for organization, current expenses, rent, personal or real property necessary for its use in conducting its business, or for providing warehouses or warehouse facilities.
Codes, 1930, § 6489; 1942, § 4931; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-21 - Officers, directors and stockholders not to be liable

No officer, director, nor stockholder of any organization doing business hereunder shall be individually or personally liable for the debts of said association or corporation.
Codes, 1930, § 6490; 1942, § 4932; Laws, 1924, ch. 272; Laws, 1932, ch. 259.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-23 - Powers of corporation

Organizations provided for hereunder shall have all the usual powers of corporations, and to sue and be sued both in law and in equity.
Codes, 1930, § 6492; 1942, § 4934; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-25 - May provide warehouses

Any organization herein provided for may acquire, purchase, own, or lease, and control and operate suitable warehouses for the safe storing of such agricultural products as may be produced by its borrowers, or by its members; and whenever it is deemed expedient to utilize the United States Warehouse Act, said organization shall have the power to do any and all things necessary to enable it to comply with the provisions of said act of congress.
Any exemptions under any and all existing laws applying to agricultural products in the possession or under the control of the individual producer shall apply similarly and completely to such products delivered by its farmer members in the possession or under the control of any organization provided for herein.
Codes, 1930, § 6493; 1942, § 4935; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-27 - May contract with warehouse

Any organization herein provided for shall have power to contract with any existent warehouse, whether under control of the United States Warehouse Act or whether under the control of any law of Mississippi for storage therein of agricultural products produced by borrowers or members.
Codes, 1930, § 6494; 1942, § 4936; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-29 - Money loaned exempt

All money loaned by any organization provided for herein shall be exempt from taxation.
Codes, 1930, § 6495; 1942, § 4937; Laws, 1924, ch. 272.