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Mississippi Code Title 85. Debtor-Creditor Relationship § 85-1-3

Current as of January 01, 2023 | Updated by FindLaw Staff

With every general assignment there shall be filed, unless the data all appear on its face, at least two (2) schedules. One of them, a schedule of liabilities, must set forth, so far as known to the assignor:

(a) The name of each of his creditors;

(b) The post-office address of each of them;

(c) The sum due each;

(d) How each debt is evidenced;

(e) The amount of interest each debt bears, and if in any way the debt is usurious, the facts must be stated;

(f) The consideration for each debt; and in case of renewals the history of the transaction must be traced to the original consideration; and

(g) What security, if any, each creditor has.

The other, a schedule of assets, must describe the property conveyed, and give its location and value. Both schedules-and if the data be in the face of the deed, then the assignment-must be under the oath of the assignor avowing the truthfulness of the matters of fact stated. A general assignment which does not comply with this section shall be void as to all preferences contained in it.

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Cite this article: FindLaw.com - Mississippi Code Title 85. Debtor-Creditor Relationship § 85-1-3 - last updated January 01, 2023 | https://codes.findlaw.com/ms/title-85-debtor-creditor-relationship/ms-code-sect-85-1-3/

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