Corpus

A. “Production-money crops”; “production-money obligation”; production-money security interest; burden of establishing.

Miss. Code Ann. § 75-9-103A
in effect
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A security interest in crops is a production-money security interest to the extent that the crops are production-money crops. If the extent to which a security interest is a production-money security interest depends on the application of a payment to a particular obligation, the payment must be applied: In accordance with any reasonable method of application to which the parties agree; In the absence of the parties’ agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or In the absence of an agreement to a reasonable method and a timely manifestation of the obligor’s intention, in the following order: To obligations that are not secured; and If more than one (1) obligation is secured, to obligations secured by production-money security interests in the order in which those obligations were incurred. A production-money security interest does not lose its status as such, even if: The production-money crops also secure an obligation that is not a production-money obligation; Collateral that is not production-money crops also secures the production-money obligation; or The production-money obligation has been renewed, refinanced, or restructured. A secured party claiming a production-money security interest has the burden of establishing the extent to which the security interest is a production-money security interest.