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Miss. Code Ann. § 75-9-325

Priority of security interests in transferred collateral

Laws, 2001, ch. 495, § 1, eff from and after Jan. 1, 2002.

Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

(1) The debtor acquired the collateral subject to the security interest created by the other person;

(2) The security interest created by the other person was perfected when the debtor acquired the collateral; and

(3) There is no period thereafter when the security interest is unperfected.

Subsection (a) subordinates a security interest only if the security interest:

Otherwise would have priority solely under Section 75-9-322(a) or 75-9-324; or

Arose solely under Section 75-2-711(3) or 75-2A-508(5).

Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.