Table Of Content

CODE MISSISSIPPI 1972 Annotated R egulation of Trade; Commence , and Investments ^ UNIFORM GOMMERdlAL CODE r75-4-lDi;tO §,75-12»&: . TABLE OF CONTENTS VOLUME 16A TITLE 75 REGULATION OF TRADE, COMMERCE AND INVESTMENTS BEGINNING CHAP. SECTION — 4. Uniform Commercial Code Bank Deposits and Collections 75-4-101 — 4A. Uniform Commercial Code Funds Transfers .... 75-4A-101 — 5. Uniform Commercial Code Letters of Credit 75-5-101 — 6. Uniform Commercial Code Bulk Transfers 75-6-101 — 7. Uniform Commercial Code Documents of Title .... 75-7-101 — 8. Uniform Commercial Code Investment Securities 75-8-101 — . 9. Uniform Commercial Code Secured Transactions 75-9-101 — . 10. Uniform Commercial Code Effective Date and Repealer 75-10-101 — 1 1 Uniform Commercial Code Effective Date and Transition Provisions 75-11-101 12. Uniform Electronic Transactions Act 75-12-1 — TITLE 75 Continued Volume 17 in Digitized by the Internet Archive 2013 in http://archive.org/details/govlawmscode197216a CODE MISSISSIPPI 1972 ANNOTATED ADOPTED AS THE OFFICIAL CODE OF THE STATE OF MISSISSIPPI BY THE 1972 SESSION OF THE LEGISLATURE VOLUME SIXTEEN A REGULATION OF TRADE, COMMERCE AND INVESTMENTS (Uniform Commercial Code) §§ 75-4-101 to 75-12-39 CONTAINING PERMANENT PUBLIC STATUTES OF MISSISSIPPI TO THE END OF THE 2002 REGULAR AND 1ST EXTRAORDINARY LEGISLATIVE SESSIONS TM LexisNexis" QUESTIONS ABOUT THIS PUBLICATION? 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(Pub.44510) PREFACE The Mississippi Code of 1972, which became effective on November 1, 1973, is the culmination of nearly four years of effort on the part of the legislature, the attorney general's office and the publishers, which brings together provisions of general statutory law having a common subject matter into a more orderly and logical framework of code titles and chapters, and employing a modern and effective section numbering system. A major by- product of the code revision will the state-owned magnetic computer tape containing the Mississippi Code of 1972, which will be ofinvaluable assistance to the legislature and to the state. The enabling act for the code was a recommendation of the Mississippi State Bar, which resulted in the consideration and passage ofSenate Bill 1964, Chapter 465, Laws of 1970, signed into law by Governor John Bell Williams. The Code Committee provided for in that act was comprised of A. F. Summer, Attorney General, Heber Ladner, Secretary of State, Representative Edgar J. Stephens, Jr., Chairman, House Appropriations Committee, Senator William G. Burgin, Jr., Chairman, Senate Appropriations Committee, Repre- sentative H. L. Meredith, Jr., Chairman, House Judiciary "A" and Judiciary en banc Committees, Senator E. K. Collins, Chairman, Senate Judiciary "A" and Judiciary en banc Committees, Representative Ney McKinley Gore, Jr., Chairman, House Judiciary "B" Committee, and Senator William E. Alexander, Chairman, Senate Judiciary "B" Committee. In 1972, Representative Marby Robert Penton and Senator Herman B. Decell, Chairman ofHouse and Senate Judiciary "B" Committees, respectively, became members of the Committee, replacing Representative Gore and Senator Collins, Senator Alexander having been appointed Chairman of Senate Judiciary "A" and Judiciary en banc Committees. The Deputy Attorney General, Delos H. Burks, served the Code Committee as Secretary. Special AssistantAttorney General Fred J. Lotterhos, under the supervision of the Attorney General, was assigned the principal responsibility for the supervision of the recodification, including the consideration and treatment of some 16,000 sections of code manuscript. Final legislative approval was given to the Mississippi Code of 1972 by passage of Senate Bill 2034, Laws of 1972, which was signed by Governor A William L. Waller on April 26, 1972. copy of that act is set out in Volume 1, following the Publisher's Foreword. The Code Committee is of the opinion that the recodification has been thoroughly and well accomplished, and will result in a greatly improved repository of the general statutory law of the state. A. F. Summer Attorney General hi FOREWORD PUBLISHER'S This 2002 Replacement Volume 16A of the Mississippi Code of 1972 Annotated represents material appearing in both the original 1973 bound volume and the 1981 Replacement Volume 16A, as well as reflecting amend- ments, repeals, and new Code provisions enacted by the Mississippi Legisla- ture through the 2002 Regular and 1st Extraordinary Legislative Sessions. This volume contains the text of Chapters 4 through 12 of Title 75 of the Mississippi Code of 1972 Annotated, as amended through the 2002 Regular and 1st Extraordinary Legislative Sessions. Case annotations are included based on decisions ofthe State and federal courts in cases arising in Mississippi. Many ofthese cases were decided under the former statutes in effect prior to the enactment of the Code of 1972. These earlier cases have been moved to pertinent sections of the Code where they may be useful in interpreting the current statutes. Annotations to collateral research references are also included. To better serve our customers by making our annotations more current, LexisNexis has changed the sources that are read to create annotations for this publication. Rather than waiting for cases to appear in printed reporters, we now read court decisions as they are released by the courts. A consequence of this more current reading of cases, as they are posted online on LexisNexis, is that the most recent cases annotated may not yet have print reporter citations. These will be provided, as they become available, through later publications. This publication contains annotations taken from decisions of the Missis- sippi Supreme Court and the Court ofAppeals with decision dates up to April 30, 2002, and decisions ofthe appropriate federal courts with decision dates up to March 10, 2002. These cases will be printed in the following reporters: Southern Reporter, 2nd 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, 5th Series: through 97 A.L.R.5th American Law Reports, Federal Series: through 177 A.L.R.Fed Mississippi College Law Review: through Volume 20, No. 1, p. 211 Mississippi Law Journal: through Volume 70, No. 2, p. 851 Finally, published Opinions of the Attorney General and opinions of the Ethics Commission have been examined for annotations. A comprehensive Index appears at the end of this volume. Publisher's Foreword Visit the LexisNexis website at http://www.lexisnexis.com for an online bookstore, technical support, customer support, and other company information. For further information or assistance, please call us toll-free at (800) 833-9844, fax us toll-free at (800) 643-1280, e-mail us at [email protected], or write to: Mississippi Code Editor, LexisNexis, P.O. Box 7587, Charlottesville, VA 22906-7587. August 2002 LexisNexis VI