reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-304 - Tangible bills of lading in a set

(a)
Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection.
(b)
If a tangible bill of lading is lawfully issued in a set of parts, each of which contains an identification code and is expressed to be valid only if the goods have not been delivered against any other part, the whole of the parts constitute one (1) bill.
(c)
If a tangible negotiable bill of lading is lawfully issued in a set of parts and different parts are negotiated to different persons, the title of the holder to which the first due negotiation is made prevails as to both the document of title and the goods even if any later holder may have received the goods from the carrier in good faith and discharged the carrier's obligation by surrender of its part.
(d)
A person that negotiates or transfers a single part of a tangible bill of lading issued in a set is liable to holders of that part as if it were the whole set.
(e)
The bailee is obliged to deliver in accordance with Part 4 of this chapter against the first presented part of a tangible bill of lading lawfully issued in a set. Delivery in this manner discharges the bailee's obligation on the whole bill.
Codes, 1942, § 41A:7-304; Laws, 1966, ch. 316, § 7-304; Laws, 2006, ch. 527, § 19; Laws, 2007, ch. 355, § 18; Laws, 2007, ch. 381, § 18, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-305 - Destination bills

(a)
Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request.
(b)
Upon request of any person entitled as against a carrier to control the goods while in transit and on surrender of possession or control of any outstanding bill of lading or other receipt covering the goods, the issuer, subject to Section
75-7-105
, may procure a substitute bill to be issued at any place designated in the request.
Codes, 1942, § 41A:7-305; Laws, 1966, ch. 316, § 7-305; Laws, 2006, ch. 527, § 20; Laws, 2007, ch. 355, § 19; Laws, 2007, ch. 381, § 19, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-306 - Altered bills of lading

An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.
Codes, 1942, § 41A:7-306; Laws, 1966, ch. 316, § 7-306, eff. 3/31/1968.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-307 - Lien of carrier

(a)
A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expenses necessary for preservation of the goods incident to their transportation or reasonably incurred in their sale pursuant to law. However, against a purchaser for value of a negotiable bill of lading, a carrier's lien is limited to charges stated in the bill or the applicable tariffs or, if no charges are stated, a reasonable charge.
(b)
A lien for charges and expenses under subsection (a) on goods that the carrier was required by law to receive for transportation is effective against the consignor or any person entitled to the goods unless the carrier had notice that the consignor lacked authority to subject the goods to those charges and expenses. Any other lien under subsection (a) is effective against the consignor and any person that permitted the bailor to have control or possession of the goods unless the carrier had notice that the bailor lacked authority.
(c)
A carrier loses its lien on any goods that it voluntarily delivers or unjustifiably refuses to deliver.
Codes, 1942, § 41A:7-307; Laws, 1966, ch. 316, § 7-307; Laws, 2006, ch. 527, § 21; Laws, 2007, ch. 355, § 20; Laws, 2007, ch. 381, § 20, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-308 - Enforcement of carrier's lien

(a)
A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must include a statement of the amount due, the nature of the proposed sale, and the time and place of any public sale. The fact that a better price could have been obtained by a sale at a different time or in a different method from that selected by the carrier is not of itself sufficient to establish that the sale was not made in a commercially reasonable manner. The carrier has sold goods in a commercially reasonable manner if the carrier sells the goods in the usual manner in any recognized market therefor, sells at the price current in that market at the time of the sale, or has otherwise sold in conformity with commercially reasonable practices among dealers in the type of goods sold. A sale of more goods than apparently necessary to be offered to ensure satisfaction of the obligation is not commercially reasonable, except in cases covered by the preceding sentence.
(b)
Before any sale pursuant to this section, any person claiming a right in the goods may pay the amount necessary to satisfy the lien and the reasonable expenses incurred in complying with this section. In that event, the goods may not be sold but must be retained by the carrier, subject to the terms of the bill of lading and this chapter.
(c)
A carrier may buy at any public sale pursuant to this section.
(d)
A purchaser in good faith of goods sold to enforce a carrier's lien takes the goods free of any rights of persons against which the lien was valid, despite the carrier's noncompliance with this section.
(e)
A carrier may satisfy its lien from the proceeds of any sale pursuant to this section but shall hold the balance, if any, for delivery on demand to any person to which the carrier would have been bound to deliver the goods.
(f)
The rights provided by this section are in addition to all other rights allowed by law to a creditor against a debtor.
(g)
A carrier's lien may be enforced pursuant to either subsection (a) or the procedure set forth in Section
75-7-210(b)
.
(h)
A carrier is liable for damages caused by failure to comply with the requirements for sale under this section and, in case of willful violation, is liable for conversion.
Codes, 1942, § 41A:7-308; Laws, 1966, ch. 316, § 7-308; Laws, 2006, ch. 527, § 22; Laws, 2007, ch. 355, § 21; Laws, 2007, ch. 381, § 21, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 3 - BILLS OF LADING: SPECIAL PROVISIONS (§§ 75-7-301 — 75-7-309) › Section 75-7-309 - Duty of care; contractual limitation of carrier's liability

(a)
A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods which a reasonably careful person would exercise under similar circumstances. This subsection does not affect any statute, regulation, or rule of law that imposes liability upon a common carrier for damages not caused by its negligence.
(b)
Damages may be limited by a term in the bill of lading or in a transportation agreement that the carrier's liability may not exceed a value stated in the bill or transportation agreement if the carrier's rates are dependent upon value and the consignor is afforded an opportunity to declare a higher value and the consignor is advised of the opportunity. However, such a limitation is not effective with respect to the carrier's liability for conversion to its own use.
(c)
Reasonable provisions as to the time and manner of presenting claims and commencing actions based on the shipment may be included in a bill of lading or a transportation agreement.
Codes, 1942, § 41A:7-309; Laws, 1966, ch. 316, § 7-309; Laws, 2006, ch. 527, § 23; Laws, 2007, ch. 355, § 22; Laws, 2007, ch. 381, § 22, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 4 - WAREHOUSE RECEIPTS AND BILLS OF LADING: GENERAL OBLIGATIONS (§§ 75-7-401 — 75-7-404) › Section 75-7-401 - Irregularities in issue of receipt or bill or conduct of issuer

The obligations imposed by this chapter on an issuer apply to a document of title even if:
(1)
The document does not comply with the requirements of this chapter or of any other statute, rule, or regulation regarding its issue, form, or content;
(2)
The issuer violated laws regulating the conduct of its business;
(3)
The goods covered by the document were owned by the bailee when the document was issued; or
(4)
The person issuing the document is not a warehouse but the document purports to be a warehouse receipt.
Codes, 1942, § 41A:7-401; Laws, 1966, ch. 316, § 7-401; Laws, 2006, ch. 527, § 24; Laws, 2007, ch. 355, § 23; Laws, 2007, ch. 381, § 23, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 4 - WAREHOUSE RECEIPTS AND BILLS OF LADING: GENERAL OBLIGATIONS (§§ 75-7-401 — 75-7-404) › Section 75-7-402 - Duplicate receipt or bill; overissue

A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue of documents for fungible goods, substitutes for lost, stolen, or destroyed documents, or substitute documents issued pursuant to Section
75-7-105
. The issuer is liable for damages caused by its overissue or failure to identify a duplicate document by a conspicuous notation.
Codes, 1942, § 41A:7-402; Laws, 1966, ch. 316, § 7-402; Laws, 2006, ch. 527, § 25; Laws, 2007, ch. 355, § 24; Laws, 2007, ch. 381, § 24, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 4 - WAREHOUSE RECEIPTS AND BILLS OF LADING: GENERAL OBLIGATIONS (§§ 75-7-401 — 75-7-404) › Section 75-7-403 - Obligation of warehouse or carrier to deliver; excuse

(a)
A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subsections (b) and (c), unless and to the extent that the bailee establishes any of the following:
(1)
Delivery of the goods to a person whose receipt was rightful as against the claimant;
(2)
Damage to or delay, loss, or destruction of the goods for which the bailee is not liable;
(3)
Previous sale or other disposition of the goods in lawful enforcement of a lien or on warehouse's lawful termination of storage;
(4)
The exercise by a seller of its right to stop delivery pursuant to Section
75-2-705
or by a lessor of its right to stop delivery pursuant to Section
75-2A-526
;
(5)
A diversion, reconsignment, or other disposition pursuant to Section
75-7-303
;
(6)
Release, satisfaction, or any other fact according a personal defense against the claimant; or
(7)
Any other lawful excuse.
(b)
A person claiming goods covered by a document of title shall satisfy the bailee's lien if the bailee so requests or the bailee is prohibited by law from delivering the goods until the charges are paid.
(c)
Unless a person claiming the goods is one against which the document of title does not confer a right under Section
75-7-503(a)
:
(1)
The person claiming under a document shall surrender possession or control of any outstanding negotiable document covering the goods for cancellation or indication of partial deliveries; and
(2)
The bailee shall cancel the document or conspicuously indicate in the document the partial delivery or be liable to any person to which the document is duly negotiated.
Codes, 1942, § 41A:7-403; Laws, 1966, ch. 316, § 7-403; Laws, 2006, ch. 527, § 26; Laws, 2007, ch. 355, § 25; Laws, 2007, ch. 381, § 25, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 4 - WAREHOUSE RECEIPTS AND BILLS OF LADING: GENERAL OBLIGATIONS (§§ 75-7-401 — 75-7-404) › Section 75-7-404 - No liability for good faith delivery pursuant to receipt or bill

A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of the document of title or pursuant to this chapter is not liable for the goods even if:
(1)
The person from which the bailee received the goods did not have authority to procure the document or to dispose of the goods; or
(2)
The person to which the bailee delivered the goods did not have authority to receive the goods.
Codes, 1942, § 41A:7-404; Laws, 1966, ch. 316, § 7-405; Laws, 2006, ch. 527, § 27; Laws, 2007, ch. 355, § 26; Laws, 2007, ch. 381, § 26, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-501 - Rules applicable to negotiable tangible document of title; rules applicable to negotiable electronic document of title

(a)
The following rules apply to a negotiable tangible document of title:
(1)
If the document's original terms run to the order of a named person, the document is negotiated by the named person's indorsement and delivery. After the named person's indorsement in blank or to bearer, any person may negotiate the document by delivery alone.
(2)
If the document's original terms run to bearer, it is negotiated by delivery alone.
(3)
If the document's original terms run to the order of a named person and it is delivered to the named person, the effect is the same as if the document had been negotiated.
(4)
Negotiation of the document after it has been indorsed to a named person requires indorsement by the named person as well as delivery.
(5)
A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases it in good faith, without notice of any defense against or claim to it on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves receiving the document in settlement or payment of a monetary obligation.
(b)
The following rules apply to a negotiable electronic document of title:
(1)
If the document's original terms run to the order of a named person or to bearer, the document is negotiated by delivery of the document to another person. Indorsement by the named person is not required to negotiate the document.
(2)
If the document's original terms run to the order of a named person and the named person has control of the document, the effect is the same as if the document had been negotiated.
(3)
A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases it in good faith, without notice of any defense against or claim to it on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves taking delivery of the document in settlement or payment of a monetary obligation.
(c)
Endorsement of a nonnegotiable document of title neither makes it negotiable nor adds to the transferee's rights.
(d)
The naming in a negotiable bill of lading of a person to be notified of the arrival of the goods does not limit the negotiability of the bill or constitute notice to a purchaser of the bill of any interest of that person in the goods.
Codes, 1942, § 41A:7-501; Laws, 1966, ch. 316, § 7-501; Laws, 2006, ch. 527, § 28; Laws, 2007, ch. 355, § 27; Laws, 2007, ch. 381, § 27, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-502 - Rights acquired by due negotiation

(a)
Subject to Sections
75-7-205
and
75-7-503
, a holder to which a negotiable document of title has been duly negotiated acquires thereby:
(1)
Title to the document;
(2)
Title to the goods;
(3)
All rights accruing under the law of agency or estoppel, including rights to goods delivered to the bailee after the document was issued; and
(4)
The direct obligation of the issuer to hold or deliver the goods according to the terms of the document free of any defense or claim by the issuer except those arising under the terms of the document or under this chapter. In the case of a delivery order, the bailee's obligation accrues only upon the bailee's acceptance of the delivery order and the obligation acquired by the holder is that the issuer and any indorser will procure the acceptance of the bailee.
(b)
Subject to Section
75-7-503
, title and rights acquired by due negotiation are not defeated by any stoppage of the goods represented by the document of title or by surrender of the goods by the bailee and are not impaired even if:
(1)
The due negotiation or any prior negotiation constituted a breach of duty;
(2)
Any person has been deprived of possession of a negotiable tangible document or control of a negotiable electronic document by misrepresentation, fraud, accident, mistake, duress, loss, theft, or conversion; or
(3)
A previous sale or other transfer of the goods or document has been made to a third person.
Codes, 1942, § 41A:7-502; Laws, 1966, ch. 316, § 7-502; Laws, 2006, ch. 527, § 29; Laws, 2007, ch. 355, § 28; Laws, 2007, ch. 381, § 28, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-503 - Document of title to goods defeated in certain cases

(a)
A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not:
(1)
Deliver or entrust the goods or any document covering the goods to the bailor or the bailor's nominee with actual or apparent authority to ship, store, or sell; with power to obtain delivery under Section
75-7-403
; or with power of disposition under Sections
75-2-403
,
75-2A-304(2)
,
75-2A-305(2)
, or
75-9-320
or other statute or rule of law; or
(2)
Acquiesce in the procurement by the bailor or its nominee of any document.
(b)
Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under Section
75-7-504
to the same extent as the rights of the issuer or a transferee from the issuer.
(c)
Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with Part 4 of this chapter pursuant to its own bill of lading discharges the carrier's obligation to deliver.
Codes, 1942, § 41A:7-503; Laws, 1966, ch. 316, § 7-503; Laws, 2001, ch. 495, § 16; Laws, 2006, ch. 527, § 30; Laws, 2007, ch. 355, § 29; Laws, 2007, ch. 381, § 29, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-504 - Rights acquired in the absence of due negotiation; effect of diversion; seller's stoppage of delivery

(a)
A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual authority to convey.
(b)
In the case of a nonnegotiable document of title, until, but not after, the bailee receives notice of the transfer, the rights of the transferee may be defeated:
(1)
By those creditors of the transferor that could treat the transfer as void under Section
75-2-402
or
75-2A-308
;
(2)
By a buyer from the transferor in ordinary course of business if the bailee has delivered the goods to the buyer or received notification of the buyer's rights;
(3)
By a lessee from the transferor in ordinary course of business if the bailee has delivered the goods to the lessee or received notification of the lessee's rights; or
(4)
As against the bailee, by good faith dealings of the bailee with the transferor.
(c)
A diversion or other change of shipping instructions by the consignor in a nonnegotiable bill of lading which causes the bailee not to deliver the goods to the consignee defeats the consignee's title to the goods if the goods have been delivered to a buyer in ordinary course of business or a lessee in ordinary course of business and in any event defeats the consignee's rights against the bailee.
(d)
Delivery of the goods pursuant to a nonnegotiable document of title may be stopped by a seller under Section
75-2-705
or a lessor under Section
75-2A-526
, subject to the requirements of due notification in those sections. A bailee honoring the seller's or lessor's instructions is entitled to be indemnified by the seller or lessor against any resulting loss or expense.
Codes, 1942, § 41A:7-504; Laws, 1966, ch. 316, § 7-504; Laws, 2006, ch. 527, § 31; Laws, 2007, ch. 355, § 30; Laws, 2007, ch. 381, § 30, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-505 - Indorser not a guarantor for other parties

The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or by previous indorsers.
Codes, 1942, § 41A:7-505; Laws, 1966, ch. 316, § 7-505; Laws, 2006, ch. 527, § 32, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-506 - Delivery without indorsement; right to compel indorsement

The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied.
Codes, 1942, § 41A:7-506; Laws, 1966, ch. 316, § 7-506; Laws, 2006, ch. 527, § 33, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-507 - Warranties on negotiation or delivery of document of title

If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section
75-7-508
, unless otherwise agreed, the transferor warrants to its immediate purchaser only in addition to any warranty made in selling or leasing the goods that:
(1)
The document is genuine;
(2)
The transferor does not have knowledge of any fact that would impair the document's validity or worth; and
(3)
The negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.
Codes, 1942, § 41A:7-507; Laws, 1966, ch. 316, § 7-507; Laws, 2006, ch. 527, § 34; Laws, 2007, ch. 355, § 31; Laws, 2007, ch. 381, § 31, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-508 - Warranties of collecting bank as to documents

A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.
Codes, 1942, § 41A:7-508; Laws, 1966, ch. 316, § 7-508; Laws, 2006, ch. 527, § 35, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 5 - WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (§§ 75-7-501 — 75-7-509) › Section 75-7-509 - Receipt or bill: when adequate compliance with commercial contract

Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by Title 75, Chapter 2, 2A, or 5.
Codes, 1942, § 41A:7-509; Laws, 1966, ch. 316, § 7-509; Laws, 2006, ch. 527, § 36, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 6 - WAREHOUSE RECEIPTS AND BILLS OF LADING MISCELLANEOUS PROVISIONS (§§ 75-7-601 — 75-7-603) › Section 75-7-601 - Lost and missing documents of title

(a)
If a document of title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document was negotiable, a court may not order delivery of the goods or issuance of a substitute document without the claimant's posting security unless it finds that any person that may suffer loss as a result of nonsurrender of possession or control of the document is adequately protected against the loss. If the document was nonnegotiable, the court may require security. The court may also order payment of the bailee's reasonable costs and attorney's fees in any action under this subsection.
(b)
A bailee that without court order delivers goods to a person claiming under a missing negotiable document of title is liable to any person injured thereby. If the delivery is not in good faith, the bailee is liable for conversion. Delivery in good faith is not conversion if the claimant posts security with the bailee in an amount at least double the value of the goods at the time of posting to indemnify any person injured by the delivery which files a notice of claim within one (1) year after the delivery.
Codes, 1942, § 41A:7-601; Laws, 1966, ch. 316, § 7-601; Laws, 2006, ch. 527, § 37; Laws, 2007, ch. 355, § 32; Laws, 2007, ch. 381, § 32, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 6 - WAREHOUSE RECEIPTS AND BILLS OF LADING MISCELLANEOUS PROVISIONS (§§ 75-7-601 — 75-7-603) › Section 75-7-602 - Attachment of goods covered by a negotiable document

Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstanding unless possession or control of the document is first surrendered to the bailee or the document's negotiation is enjoined. The bailee may not be compelled to deliver the goods pursuant to process until possession or control of the document is surrendered to the bailee or to the court. A purchaser of the document for value without notice of the process or injunction takes free of the lien imposed by judicial process.
Codes, 1942, § 41A:7-602; Laws, 1966, ch. 316, § 7-602; Laws, 2006, ch. 527, § 38, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 6 - WAREHOUSE RECEIPTS AND BILLS OF LADING MISCELLANEOUS PROVISIONS (§§ 75-7-601 — 75-7-603) › Section 75-7-603 - Conflicting claims; interpleader

If more than one (1) person claims title or possession of the goods, the bailee is excused from delivery until the bailee has had a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either in defending an action for nondelivery of the goods or by original action.
Codes, 1942, § 41A:7-603; Laws, 1966, ch. 316, § 7-603; Laws, 2006, ch. 527, § 39, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 7 - UNIFORM COMMERCIAL CODE-DOCUMENTS OF TITLE (§§ 75-7-101 — 75-7-701) › Part 7 - TRANSITIONAL RULES (§ 75-7-701) › Section 75-7-701 - Transitional rules

(a)
The amendments to this chapter contained in Chapter 527, Laws of 2006, as amended by Chapter 381, Laws of 2007, apply to a document of title that is issued or a bailment that arises on or after July 1, 2006, but do not apply to:
(1)
a document of title that is issued or a bailment that arises before July 1, 2006, even if the document of title or bailment would be so subject if the document of title had been issued or bailment had arisen after July 1, 2006, or
(2)
a right of action that has accrued before July 1, 2006.
(b)
A document of title issued or a bailment that arises before July 1, 2006, and the rights, obligations, and interests flowing from that document or bailment are governed by any statute amended or repealed by Chapter 527, Laws of 2006, as amended by Chapter 381, Laws of 2007, as if amendment or repeal had not occurred and may be terminated, completed, consummated, or enforced under that statute as it existed on June 30, 2006.
Laws, 2006, ch. 527, § 40; Laws, 2007, ch. 355, § 33; Laws, 2007, ch. 381, § 33, eff. 3/15/2007.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 8 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 8. INVESTMENT SECURITIES (§§ 75-8-101 — 75-8-511) › Part 1 - SHORT TITLE AND GENERAL MATTERS (§§ 75-8-101 — 75-8-116) › Section 75-8-101 - Short title

This chapter may be cited as Uniform Commercial Code-Revised Article 8. Investment Securities.
Laws, 1996, ch. 468, § 2, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 8 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 8. INVESTMENT SECURITIES (§§ 75-8-101 — 75-8-511) › Part 1 - SHORT TITLE AND GENERAL MATTERS (§§ 75-8-101 — 75-8-116) › Section 75-8-103 - Rules for determining whether certain obligations and interests are securities or financial assets

(a)
A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.
(b)
An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.
(c)
An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this chapter, or it is an investment company security. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.
(d)
A writing that is a security certificate is governed by this chapter and not by Chapter 3, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by Chapter 3 is a financial asset if it is held in a securities account.
(e)
An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.
(f)
A commodity contract, as defined in Section
75-9-102(a)(15)
, is not a security or a financial asset.
(g)
A document of title is not a financial asset unless Section
75-8-102(a)(9)(iii)
applies.
Laws, 1996, ch. 468, § 4; Laws, 2001, ch. 495, § 17; Laws, 2006, ch. 527, § 58, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 8 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 8. INVESTMENT SECURITIES (§§ 75-8-101 — 75-8-511) › Part 1 - SHORT TITLE AND GENERAL MATTERS (§§ 75-8-101 — 75-8-116) › Section 75-8-104 - Acquisition of security or financial asset or interest therein

(a)
A person acquires a security or an interest therein, under this chapter, if:
(1)
The person is a purchaser to whom a security is delivered pursuant to Section
75-8-301
; or
(2)
The person acquires a security entitlement to the security pursuant to Section
75-8-501
.
(b)
A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset.
(c)
A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5 of this chapter, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section
75-8-503
.
(d)
Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b).
Laws, 1996, ch. 468, § 5, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 8 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 8. INVESTMENT SECURITIES (§§ 75-8-101 — 75-8-511) › Part 1 - SHORT TITLE AND GENERAL MATTERS (§§ 75-8-101 — 75-8-116) › Section 75-8-105 - Notice of adverse claim

(a)
A person has notice of an adverse claim if:
(1)
The person knows of the adverse claim;
(2)
The person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or
(3)
The person has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists, and the investigation so required would establish the existence of the adverse claim.
(b)
Having knowledge that a financial asset or interest therein is or has been transferred by a representative imposes no duty of inquiry into the rightfulness of a transaction and is not notice of an adverse claim. However, a person who knows that a representative has transferred a financial asset or interest therein in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or otherwise in breach of duty has notice of an adverse claim.
(c)
An act or event that creates a right to immediate performance of the principal obligation represented by a security certificate or sets a date on or after which the certificate is to be presented or surrendered for redemption or exchange does not itself constitute notice of an adverse claim except in the case of a transfer more than:
(1)
One (1) year after a date set for presentment or surrender for redemption or exchange; or
(2)
Six (6) months after a date set for payment of money against presentation or surrender of the certificate, if money was available for payment on that date.
(d)
A purchaser of a certificated security has notice of an adverse claim if the security certificate:
(1)
Whether in bearer or registered form, has been indorsed "for collection" or "for surrender" or for some other purpose not involving transfer; or
(2)
Is in bearer form and has on it an unambiguous statement that it is the property of a person other than the transferor, but the mere writing of a name on the certificate is not such a statement.
(e)
Filing of a financing statement under Chapter 9 is not notice of an adverse claim to a financial asset.
Laws, 1996, ch. 468, § 6, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 8 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 8. INVESTMENT SECURITIES (§§ 75-8-101 — 75-8-511) › Part 1 - SHORT TITLE AND GENERAL MATTERS (§§ 75-8-101 — 75-8-116) › Section 75-8-106 - Control

(a)
A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser.
(b)
A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, and:
(1)
The certificate is endorsed to the purchaser or in blank by an effective endorsement; or
(2)
The certificate is registered in the name of the purchaser, upon original issue or registration of transfer by the issuer.
(c)
A purchaser has "control" of an uncertificated security if:
(1)
The uncertificated security is delivered to the purchaser; or
(2)
The issuer has agreed that it will comply with instructions originated by the purchaser without further consent by the registered owner.
(d)
A purchaser has "control" of a security entitlement if:
(1)
The purchaser becomes the entitlement holder;
(2)
The securities intermediary has agreed that it will comply with entitlement orders originated by the purchaser without further consent by the entitlement holder; or
(3)
Another person has control of the security entitlement on behalf of the purchaser or, having previously acquired control of the security entitlement, acknowledges that it has control on behalf of the purchaser.
(e)
If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder's own securities intermediary, the securities intermediary has control.
(f)
A purchaser who has satisfied the requirements of subsection (c) or (d) has control, even if the registered owner in the case of subsection (c) or the entitlement holder in the case of subsection (d) retains the right to make substitutions for the uncertificated security or security entitlement, to originate instructions or entitlement orders to the issuer or securities intermediary, or otherwise to deal with the uncertificated security or security entitlement.
(g)
An issuer or a securities intermediary may not enter into an agreement of the kind described in subsection (c)(2) or (d)(2) without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not required to enter into such an agreement even though the registered owner or entitlement holder so directs. An issuer or securities intermediary that has entered into such an agreement is not required to confirm the existence of the agreement to another party unless requested to do so by the registered owner or entitlement holder.
Laws, 1996, ch. 468, § 7; Laws, 2001, ch. 495, § 18, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 8 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 8. INVESTMENT SECURITIES (§§ 75-8-101 — 75-8-511) › Part 1 - SHORT TITLE AND GENERAL MATTERS (§§ 75-8-101 — 75-8-116) › Section 75-8-107 - Whether indorsement, instruction, or entitlement order is effective

(a)
"Appropriate person" means:
(1)
With respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security;
(2)
With respect to an instruction, the registered owner of an uncertificated security;
(3)
With respect to an entitlement order, the entitlement holder;
(4)
If the person designated in paragraph (1), (2), or (3) is deceased, the designated person's successor taking under other law or the designated person's personal representative acting for the estate of the decedent; or
(5)
If the person designated in paragraph (1), (2), or (3) lacks capacity, the designated person's guardian, conservator, or other similar representative who has power under other law to transfer the security or financial asset.
(b)
An indorsement, instruction, or entitlement order is effective if:
(1)
It is made by the appropriate person;
(2)
It is made by a person who has power under the law of agency to transfer the security or financial asset on behalf of the appropriate person, including, in the case of an instruction or entitlement order, a person who has control under Section
75-8-106(c)(2) or (d)(2)
; or
(3)
The appropriate person has ratified it or is otherwise precluded from asserting its ineffectiveness.
(c)
An indorsement, instruction, or entitlement order made by a representative is effective even if:
(1)
The representative has failed to comply with a controlling instrument or with the law of the state having jurisdiction of the representative relationship, including any law requiring the representative to obtain court approval of the transaction; or
(2)
The representative's action in making the indorsement, instruction, or entitlement order or using the proceeds of the transaction is otherwise a breach of duty.
(d)
If a security is registered in the name of or specially indorsed to a person described as a representative, or if a securities account is maintained in the name of a person described as a representative, an indorsement, instruction, or entitlement order made by the person is effective even though the person is no longer serving in the described capacity.
(e)
Effectiveness of an indorsement, instruction, or entitlement order is determined as of the date the indorsement, instruction, or entitlement order is made, and an indorsement, instruction, or entitlement order does not become ineffective by reason of any later change of circumstances.
Laws, 1996, ch. 468, § 8, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 8 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 8. INVESTMENT SECURITIES (§§ 75-8-101 — 75-8-511) › Part 1 - SHORT TITLE AND GENERAL MATTERS (§§ 75-8-101 — 75-8-116) › Section 75-8-109 - Warranties in indirect holding

(a)
A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that:
(1)
The entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and
(2)
There is no adverse claim to the security entitlement.
(b)
A person who delivers a security certificate to a securities intermediary for credit to a securities account or originates an instruction with respect to an uncertificated security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in Section
75-8-108(a) or (b)
.
(c)
If a securities intermediary delivers a security certificate to its entitlement holder or causes its entitlement holder to be registered as the owner of an uncertificated security, the securities intermediary makes to the entitlement holder the warranties specified in Section
75-8-108(a) or (b)
.
Laws, 1996, ch. 468, § 10, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 8 - UNIFORM COMMERCIAL CODE-REVISED ARTICLE 8. INVESTMENT SECURITIES (§§ 75-8-101 — 75-8-511) › Part 1 - SHORT TITLE AND GENERAL MATTERS (§§ 75-8-101 — 75-8-116) › Section 75-8-111 - Clearing corporation rules

A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this chapter and affects another party who does not consent to the rule.
Laws, 1996, ch. 468, § 12, eff. 7/1/1996.