Future advances.

Miss. Code Ann. § 75-9-323
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
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: Is made while the security interest is perfected only: 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). Under Section 75-9-309 when it attaches; or Temporarily under Section 75-9-312(e), (f), or (g); and 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: Without knowledge of the lien; or Pursuant to a commitment entered into without knowledge of the lien. 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. 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: The time the secured party acquires knowledge of the buyer’s purchase; or Forty-five (45) days after the purchase. 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. 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: The time the secured party acquires knowledge of the lease; or Forty-five (45) days after the lease contract becomes enforceable. 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.
Miss. Code Ann. § 75-9-323 — Future advances | Mississippi Code Annotated | Corpus