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Mississippi Code Title 75. Regulation of Trade, Commerce and Investments § 75-9-401

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The proper place to file in order to perfect a security interest is as follows:

(a)(i) When the collateral is equipment used in farming operations, or accounts or general intangibles arising from or relating to the sale of farm products by a farmer, in the office of the chancery clerk in the county of debtor's residence or, if the debtor is a nonresident of this state, in the office of the chancery clerk in the county where the goods are kept;

(ii) When the collateral is consumer goods other than goods covered by subsection (c), in the office of the chancery clerk in the county of debtor's residence or, if the debtor is a nonresident of this state, in the office of the chancery clerk in the county where the goods are kept;

(iii) When the collateral is farm products, in the office of the chancery clerk in the county of debtor's residence or, if the debtor is a nonresident of this state, in the office of the chancery clerk in the county where the goods are kept; and in the office of the Secretary of State;

(iv) When the collateral is crops growing or to be grown, in the office of the chancery clerk in the county where the land is located; and, if the debtor is a resident of this state, in the office of the chancery clerk in the county of debtor's residence; and in the office of the Secretary of State.

(b) When the collateral is timber to be cut or is minerals or the like (including oil and gas) or accounts subject to Section 75-9-103(5), or when the financing statement is filed as a fixture filing (Section 75-9-313) and the collateral is goods which are or are to become fixtures, then in the office where a mortgage on the real estate would be filed or recorded.

(c) When the collateral is a sailboat or other vessel required to be numbered pursuant to Section 59-21-1 et seq., or an inboard or outboard motor used for the propulsion of vessels required to be so numbered, then in the office of the chancery clerk in the county of the debtor's residence and in the office of the Secretary of State.

(d) In all other cases, in the office of the Secretary of State and in addition, if the debtor has a place of business in only one (1) county of this state, also in the office of the chancery clerk of such county, or, if the debtor has no place of business in this state but resides in the state, also in the office of the chancery clerk of the county in which he resides.

(2) Except as provided in Section 75-9-313, a filing which is made in good faith in an improper place or not in all of the places required by this section is nevertheless effective with regard to any collateral as to which the filing complied with the requirements of this chapter and is also effective with regard to collateral covered by the financing statement against any person who has knowledge of the contents of such financing statement.

(3) Except as provided in Section 75-9-313, a filing which is made in the proper place in this state continues effective even though the debtor's residence or place of business or the location of the collateral or its use, whichever controlled the original filing, is thereafter changed.

(4) The rules stated in Section 75-9-103 determine whether filing is necessary in this state.

(5) Notwithstanding the preceding subsections, and subject to Section 75-9-302(3), the proper place to file in order to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the Secretary of State. This filing constitutes a fixture filing (Section 75-9-313) as to the collateral described therein which is or is to become fixtures.

(6) For the purposes of this section, the residence of an organization is its place of business if it has one, or its chief executive office if it has more than one (1) place of business.

(7) For purposes of this section, in those counties having two (2) judicial districts, each such district shall be considered a separate county.

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Cite this article: FindLaw.com - Mississippi Code Title 75. Regulation of Trade, Commerce and Investments § 75-9-401 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-75-regulation-of-trade-commerce-and-investments/ms-code-sect-75-9-401-nr2/

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