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Payment to a creditor of the selling institution of the amount to be paid the person under the terms of the contract of agency may be made by the purchasing trust company by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under the terms of the agency contract, and mailing or personally delivering a duplicate ticket evidencing the credit to the creditor at the person's address shown in the records of the selling institution. The relationship between the purchasing trust institution and the creditor is that of agent to creditor only to the extent of the credit reflected by the ticket.
Cite this article: FindLaw.com - Mississippi Code Title 81. Banks and Financial Institutions § 81-27-6.407 § 81-27-6.407. Payment to creditors - last updated January 01, 2018 | https://codes.findlaw.com/ms/title-81-banks-and-financial-institutions/ms-code-sect-81-27-6-407.html
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