Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 75-9-301 — 75-9-342) › Subpart 3 - PRIORITY (§§ 75-9-317 — 75-9-339) › Section 75-9-323 - Future advances

(a)
Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under Section
75-9-322(a)(1)
, perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
(1)
Is made while the security interest is perfected only:
(A)
Under Section
75-9-309
when it attaches; or
(B)
Temporarily under Section
75-9-312(e), (f), or (g)
; and
(2)
Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under Section
75-9-309
or
75-9-312(e), (f), or (g)
.
(b)
Except as otherwise provided in subsection (c), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five (45) days after the person becomes a lien creditor unless the advance is made:
(1)
Without knowledge of the lien; or
(2)
Pursuant to a commitment entered into without knowledge of the lien.
(c)
Subsections (a) and (b) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
(d)
Except as otherwise provided in subsection (e), a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
(1)
The time the secured party acquires knowledge of the buyer's purchase; or
(2)
Forty-five (45) days after the purchase.
(e)
Subsection (d) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five-day period.
(f)
Except as otherwise provided in subsection (g), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
(1)
The time the secured party acquires knowledge of the lease; or
(2)
Forty-five (45) days after the lease contract becomes enforceable.
(g)
Subsection (f) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five-day period.
Derived from former 1972 Code §§
75-9-301
[Codes, 1942, § 41A:9-301; Laws, 1966, ch. 316, § 9-301; Laws, 1977, ch. 452, § 14; Laws, 1986, ch. 343, § 1; Laws, 1996, ch. 468, § 62, eff. 7/1/1996],
75-9-307
[Codes, 1942, § 41A:9-307; Laws, 1966, ch. 316, § 9-307; Laws, 1977, ch. 452, § 19; Laws, 1986, ch. 482, § 1, eff. 12/24/1986 (the date Section 1324 of the Food Security Act of 1985 became effective)], and
75-9-312
[Codes, 1942, § 41A:9-312; Laws, 1966, ch. 316, § 9-312; Laws, 1977, ch. 452, § 21; Laws, 1986, ch. 343, § 2; Laws, 1990, ch. 384, § 54; Laws, 1996, ch. 468, § 69, eff. 7/1/1996] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.