MCA Chapter 11

in effect

Miss. Code Ann. § 75-11-101 Effective date.

The provisions of Chapter 452, Laws of 1977, shall become effective on April 1, 1978. As used in this chapter, the term “old U.C.C.” shall refer to the original Uniform Commercial Code adopted in 1967, and all amendments thereto and the term “revised U.C.C.” shall refer to the old U.C.C. as amended by Chapter 452, Laws of 1977.

Miss. Code Ann. § 75-11-102 Preservation of old transition provision.

The provisions of Section 75-10-102(2) shall continue to apply to the revised U.C.C., and for this purpose the old U.C.C. and the revised U.C.C. shall be considered one continuous statute.

Miss. Code Ann. § 75-11-103 Transition to revised U.C.C.; general rule.

Transactions validly entered into after March 31, 1968 and before April 1, 1978, and which were subject to the provisions of the old U.C.C. and which would be subject to the amendments of Chapter 452, Laws of 1977 if they had been entered into after April 1, 1978 and the rights, duties and interests flowing from such transactions remain valid after April 1, 1978 and may be terminated, completed, consummated or enforced as required or permitted by the revised U.C.C. security interests arising out of such transactions which are perfected on April 1, 1978, shall remain perfected until they lapse as provided in the revised U.C.C., and may be continued as permitted by the revised U.C.C., except as stated in Section 75-11-105.

Miss. Code Ann. § 75-11-104 Transition provision on change of requirement of filing.

A security interest for the perfection of which filing or the taking of possession was required under the old U.C.C. and which attached prior to April 1, 1978 but was not perfected shall be deemed perfected on April 1, 1978 if the revised U.C.C. permits perfection without filing or authorizes filing in the office or offices where a prior ineffective filing was made.

Miss. Code Ann. § 75-11-105 Transition provision on change of place of filing.

A financing statement or continuation statement filed prior to April 1, 1978 which shall not have lapsed prior to that date shall remain effective for the period provided in the old U.C.C., but not less than five (5) years after the filing. With respect to any collateral acquired by the debtor subsequent to April 1, 1978, any effective financing statement or continuation statement described in this section shall apply only if the filing or filings are in the office or offices that would be appropriate to perfect the security interests in the new collateral under the revised U.C.C. The effectiveness of any financing statement or continuation statement filed prior to April 1, 1978 may be continued by a continuation statement as permitted by the revised U.C.C., except that if the revised U.C.C. requires a filing in an office where there was no previous financing statement, a new financing statement conforming to Section 75-11-106 shall be filed in that office.

Miss. Code Ann. § 75-11-106 Required refilings.

If a security interest is perfected or has priority on April 1, 1978, as to all persons or as to certain persons without any filing or recording, and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons under the revised Uniform Commercial Code, the perfection and priority rights of the security interest shall continue until three (3) years after April 1, 1978. The perfection will then lapse unless a financing statement is filed as provided in Section 75-11-104 or unless the security interests is perfected otherwise than by filing. A financing statement may be filed within six (6) months before the perfection of a security interest would otherwise lapse. Any such financing statement may be signed by either the debtor or the secured party. It must identify the security agreement, statement or notice (however denominated in any statute or other law repealed or modified by Chapter 452, Laws of 1977), state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated, in another filing office under the old Uniform Commercial Code or under any statute or other law repealed or modified by Chapter 452, Laws of 1977, is still effective. Section 75-9-501 determines the proper place to file such a financing statement. Except as specified in this subsection, the provisions of Section 75-9-510 for continuation statements apply to such a financing statement.

Miss. Code Ann. § 75-11-107 Transition provisions as to priorities.

Except as otherwise provided in this chapter, the old U.C.C. shall apply to any questions of priority if the positions of the parties were fixed prior to April 1, 1978. In other cases, questions of priority shall be determined by the revised U.C.C.

Miss. Code Ann. § 75-11-108 Presumption that rule of law continues unchanged.

Unless a change in law has clearly been made, the provisions of the revised U.C.C. shall be deemed declaratory of the meaning of the old U.C.C.