Mississippi Code, Volume 16, 2012 Supplement

2012·9.2 MB·English

by  State of Mississippi

2012
CUMULATIVE SUPPLEMENT
TO
CODE
MISSISSIPPI
ANNOTATED
1972
Issued September, 2012
CONTAINING PERMANENT PUBLIC STATUTES OF MISSISSIPPI
ENACTED THROUGH 2012 REGULAR SESSION
PUBLISHED BYAUTHORITY OF
THE LEGISLATURE
SUPPLEMENTING
Volume
16
(As Revised 2002)
For latest statutes or assistance call 1-800-833-9844
By the Editorial Staffofthe Publisher
LexisNexis
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Copyright © 2012
by
THE STATE OF MISSISSIPPI
All rights reserved.
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ISBN 978-0-327-09628-3 (Code set)
ISBN 978-0-327-02089-9 (Volume 16)
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User's Guide
Inorderto assistboththelegal profession andthelaymaninobtainingthe
maximumbenefitfromthe Mississippi Code of1972Annotated, aUser's Guide
has been included in the main volume. This guide contains comments and
information on the many features found within the Code intended to increase
the usefulness ofthe Code to the user.
111
Digitized by the Internet Archive
2013
in
http://archive.org/details/govlawmssupp162012
PUBLISHER'S FOREWORD
Statutes
The 2012 Supplement to the Mississippi Code of 1972 Annotated reflects
the statute law of Mississippi as amended by the Mississippi Legislature
through the end ofthe 2012 Regular Session.
Annotations
Case annotations are included based on decisions ofthe State and federal
courts in cases arising in Mississippi. Annotations to collateral research
references are also included.
To better serve our customers by making our annotations more current,
LexisNexishas changedthe sources that arereadto create annotations forthis
publication. Rather than waiting for cases to appear in printed reporters, we
now read court decisions as they are released by the courts. Aconsequence of
this more current reading ofcases, as they are posted online on LexisNexis, is
thatthemostrecentcases annotatedmaynotyethaveprintreportercitations.
These will be provided, as they become available, through later publications.
This publication contains annotations taken from decisions ofthe Missis-
sippi Supreme Court andthe CourtofAppeals and decisions ofthe appropriate
federal courts. These cases will be printed in the following reporters:
Southern Reporter, 3rd Series
United States Supreme Court Reports
Supreme Court Reporter
United States Supreme Court Reports, Lawyers' Edition, 2nd Series
Federal Reporter, 3rd Series
Federal Supplement, 2nd Series
Federal Rules Decisions
Bankruptcy Reporter
Additionally, annotations have been taken from the following sources:
American Law Reports, 6th Series
American Law Reports, Federal Series
Mississippi College Law Review
Mississippi Law Journal
Finally, published opinions of the Attorney General and opinions of the
Ethics Commission have been examined for annotations.
Amendment Notes
Amendment notes detail how the new legislation affects existing sections.
Editor's Notes
Editor's notes summarize subject matter and legislative history of re-
pealed sections, provide information as to portions oflegislative acts thathave
not been codified, or explain other pertinent information.
Publisher's Foreword
Joint Legislative Committee Notes
Joint Legislative Committee notes explain codification decisions and
corrections ofCode errors made by the Mississippi Joint Legislative Commit-
tee on Compilation, Revision, and Publication ofLegislation.
Tables
The StatutoryTablesvolume adds tables showingdisposition oflegislative
acts through the 2012 Regular Session.
Index
The comprehensive Index to the Mississippi Code of 1972 Annotated is
replaced annually, and we welcome customer suggestions. The foreword to the
Index explains our indexing principles, suggests guidelines for successful
index research, and provides methods for contacting indexers.
Acknowledgements
The publisher wishes to acknowledge the cooperation and assistance
rendered by the Mississippi Joint Legislative Committee on Compilation,
Revision, and Publication ofLegislation, as well as the offices ofthe Attorney
General and Secretary ofState, in the preparation ofthis supplement.
User Information
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September 2012 LexisNexis
VI
SCHEDULE OF NEW SECTIONS
Added in this Supplement
TITLE 75. REGULATION OF TRADE, COMMERCEAND INVESTMENTS
—
CHAPTER 1. Uniform Commercial Code RevisedArticle 1. General
Provisions
PART 1. General Provisions
Sec.
75-1-101. Short title.
75-1-102. Scope ofarticle.
75-1-103. Construction ofUniform Commercial Code to promote its purposes and
policies; applicability ofsupplemental principles oflaw.
75-1-104. Construction against implied repeal.
75-1-105. Severability.
75-1-106. Use ofsingular and plural; gender.
75-1-107. Section captions.
75-1-108. RelationtoElectronicSignaturesinGlobalandNationalCommerceAct.
PART 2. General Definitions and Principles ofInterpretation
75-1-201. General definitions.
75-1-202. Notice; knowledge.
75-1-203. Lease distinguished from security interest.
75-1-204. Value.
75-1-205. Reasonable time; seasonableness.
75-1-206. Presumptions.
PART 3. TerritorialApplicability and General Rules
75-1-301. Territorial application of the code; parties' power to choose applicable
law.
75-1-302. Variation by agreement.
75-1-303. Course ofperformance, course ofdealing, and usage oftrade.
75-1-304. Obligation ofgood faith.
75-1-305. Remedies to be liberally administered.
75-1-306. Waiver or renunciation ofclaim or right after breach.
75-1-307. Prima facie evidence by third-party documents.
75-1-308. Performance or acceptance under reservation ofrights.
75-1-309. Option to accelerate at will.
75-1-310. Subordinated obligations.
2012 Supplement

CODE
MISSISSIPPI
1972
ANNOTATED
VOLUME SIXTEEN
TITLE 75
REGULATION OF TRADE, COMMERCE AND
INVESTMENTS
—
Chapter 1. Uniform Commercial Code Revised Article 1. General
Provisions — 75-1-101
Chapter 2. Uniform Commercial Code — Sales 75-2-101
Chapter 2A. Uniform Commercial Code — Leases 75-2A-101
Chapter 3. Uniform Commercial Code Negotiable Instruments 75-3-101
CHAPTER
1
—
Uniform Commercial Code RevisedArticle 1. General Provisions
Part 1. General Provisions 75-1-101
Part 2. General Definitions and Principles ofInterpretation 75-1-201
Part 3. TerritorialApplicability and General Rules 75-1-301
—
Editor's Note Section 44 of Chapter 506, Laws of2010, effective July 1, 2010,
repealedthe sections formerlycodified as Uniform Commercial CodeArticle 1, General
Provisions [Chapter 1 ofTitle 75]. Section 3 ofChapter 506, Laws of2010, enacted a
revised Uniform Commercial Code RevisedArticle 1, General Provisions [Chapter 1 of
Title 75], effective July 1, 2010.
Thefollowingtables ofdispositionlisttheprovisions ofUCCArticle 1 astheyexisted
prior to July 1, 2010, and the corresponding provisions in UCC Revised Article 1,
effectiveJuly 1, 2010. These tables are intendedto assistthe userwho is familiarwith
the former Article 1 in finding comparable new provisions in Revised Article 1. In
addition, where appropriate, the Source lines from the former provisions have been
retained in the new provisions.
Where appropriate, notes tojudicial decisions have been moved from their location
under former provisions to the comparable new provisions.
TABLE OF DISPOSITION OF SECTIONS IN FORMERARTICLE 1
FORMERARTICLE REVISEDARTICLE
1 1
75-1-101 75-1-101
75-1-102(1), (2) 75-1-103
75-1-102(3), (4) 75-1-302
75-1-102(5) 75-1-106
75-1-103 75-1-103
2012 Supplement 3
Trade, Commerce, Investments
FORMERARTICLE 1 REVISEDARTICLE 1
75-1-104 75-1-104
75-1-105 75-1-301
75-1-106 75-1-305
75-1-107 75-1-306
75-1-108 75-1-105
75-1-109 75-1-107
75-1-110 None
75-1-20K1M20), (22)-(24), (28)-(30), (32)- 75-1-201
(36),
(38M40), (42H43) and (45)-(46)
75-1-201(21) ("honor"), (41)("telegram") Omitted
75-l-201(25)-(27) 75-1-202
75-1-201(31) 75-1-206
75-1-201(37) 75-1-203
75-1-201(44) 75-1-204
75-1-202 75-1-307
75-1-203 75-1-304
75-1-204(1) 75-l-302(b)
75-1-204(2), (3) 75-1-205
75-1-205 75-1-303
75-1-206 None
75-1-207 75-1-308
75-1-208 75-1-309
TABLE INDICATING SOURCES ORDERIVATIONS OF REVISEDARTICLE
1
SECTIONS
NEWARTICLE OLD ARTICLE
1 1
75-1-101 75-1-101
75-1-102 (New) No corresponding provision
75-1-103 75-1-102(1), (2) and 75-1-103
75-1-104 75-1-104
75-1-105 75-1-108
75-1-106 75-1-102(5)
75-1-107 75-1-109
75-1-108 (New) No corresponding provision
75-1-201 75-1-20K1M20), (22M24), (28)-(30), (32)-
(36),
(38M40), (42M43) and (45)-(46)
75-1-202 75-1-201 (25M27)
75-1-203 75-1-201(37)
75-1-204 75-1-201(44)
75-1-205 Derived from 75-1-204(2), (3)
75-1-206 75-1-201(31)
75-1-301 75-1-105
75-1-302 75-1-102(3), (4)
75-1-303 Integration offormer 75-2-208 and 75-
2A-207 into
principles offormer 75-1-205
75-1-304 75-1-203
75-1-305 75-1-106
75-1-306 75-1-107
75-1-307 75-1-202
75-1-308 75-1-207
75-1-309 75-1-208
2012 Supplement