19-1-4
Section 19-1-4 Transfer of negotiable instrument by fiduciary. If any negotiable instrument
payable or indorsed to a fiduciary as such is indorsed by the fiduciary, or if any negotiable
instrument payable or indorsed to his principal is indorsed by a fiduciary, or if any negotiable
instrument payable or indorsed to his principal is indorsed by a fiduciary empowered to indorse
such instrument on behalf of his principal, the indorsee is not bound to inquire whether the
fiduciary is committing a breach of his obligation as fiduciary in indorsing or delivering
the instrument, and is not chargeable with notice that the fiduciary is committing a breach
of his obligation as fiduciary unless he takes the instrument with actual knowledge of such
breach or with knowledge of such facts that his action in taking the instrument amounts to
bad faith. If, however, such instrument is transferred by the fiduciary in payment of or as
security for a personal debt of the fiduciary to the actual knowledge...
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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
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19-1-5
Section 19-1-5 Check drawn by fiduciary payable to third person. If a check or other bill of
exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered
to draw such instrument in the name of his principal, the payee is not bound to inquire whether
the fiduciary is committing a breach of his obligation as fiduciary in drawing or delivering
the instrument, and is not chargeable with notice that the fiduciary is committing a breach
of his obligation as fiduciary unless he takes the instrument with actual knowledge of such
breach or with knowledge of such facts that his action in taking the instrument amounts to
bad faith. If, however, such instrument is payable to a personal creditor of the fiduciary
and delivered to the creditor in payment of or as security for a personal debt of the fiduciary
to the actual knowledge of the creditor, or is drawn and delivered in any transaction known
by the payee to be for the personal benefit of the fiduciary, the...
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19-1-6
Section 19-1-6 Check drawn by and payable to fiduciary. If a check or other bill of exchange
is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to
draw such instrument in the name of his principal, payable to the fiduciary personally, or
payable to a third person and by him transferred to the fiduciary, and is thereafter transferred
by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the
transferee is not bound to inquire whether the fiduciary is committing a breach of his obligation
as fiduciary in transferring the instrument, and is not chargeable with notice that the fiduciary
is committing a breach of his obligation as fiduciary unless he takes the instrument with
actual knowledge of such breach or with knowledge of such facts that his action in taking
the instrument amounts to bad faith. (Acts 1943, No. 557, p. 544, §6.)...
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19-1-9
Section 19-1-9 Deposit in fiduciary's personal account. If a fiduciary makes a deposit in a
bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary,
or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the
name of his principal if he is empowered to draw checks thereon, or of checks payable to his
principal and indorsed by him, if he is empowered to indorse such checks, or if he otherwise
makes a deposit of funds held by him as fiduciary, the bank receiving such deposit is not
bound to inquire whether the fiduciary is committing thereby a breach of his obligation as
fiduciary; and the bank is authorized to pay the amount of the deposit or any part thereof
upon the personal check of the fiduciary without being liable to the principal unless the
bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing
a breach of his obligation as fiduciary in making such deposit or in...
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41-10-547
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time to time
to sell and issue its bonds for the purpose of financing project costs pertaining to one or
more projects or for the purpose of providing funds to pay training facility management fees,
or any combination of the foregoing including, without limitation, in the case of authority
obligations issued for the purpose of providing funds to pay training facility management
fees, costs, expenses, and other items of the type described in paragraphs g., h., i., and
j. of the definition of project costs in Section 41-10-541 or to enter into guaranty agreements
wherein the authority guarantees payment, in whole or in part, of debt service referable to
obligations issued by development agencies for the purpose of financing project costs pertaining
to one or more projects; provided, however, that the principal amount of authority obligations
shall not exceed three hundred million dollars ($300,000,000). For...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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19-1-8
Section 19-1-8 Deposit in name of principal. If a check is drawn upon the account of his principal
in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the
bank is authorized to pay such check without being liable to the principal, unless the bank
pays the check with actual knowledge that the fiduciary is committing a breach of his obligation
as fiduciary in drawing such check, or with knowledge of such facts that its action in paying
the check amounts to bad faith. If, however, such a check is payable to the drawee bank and
is delivered to it in payment of or as security for a personal debt of the fiduciary to it,
the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation
as fiduciary in drawing or delivering the check. (Acts 1943, No. 557, p. 544, §8.)...
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19-1-7
Section 19-1-7 Deposit in name of fiduciary as such. If a deposit is made in a bank to the
credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or
any part thereof upon the check of the fiduciary, signed with the name in which such deposit
is entered without being liable to the principal, unless the bank pays the check with actual
knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing
the check or with knowledge of such facts that its action in paying the check amounts to bad
faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment
of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal
if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering
the check. (Acts 1943, No. 557, p. 544, §7.)...
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7-3-206
Section 7-3-206 Restrictive indorsement. (a) An indorsement limiting payment to a particular
person or otherwise prohibiting further transfer or negotiation of the instrument is not effective
to prevent further transfer or negotiation of the instrument. (b) An indorsement stating a
condition to the right of the indorsee to receive payment does not affect the right of the
indorsee to enforce the instrument. A person paying the instrument or taking it for value
or collection may disregard the condition, and the rights and liabilities of that person are
not affected by whether the condition has been fulfilled. (c) If an instrument bears an indorsement
(i) described in Section 7-4-201(b), or (ii) in blank or to a particular bank using the words
"for deposit," "for collection," or other words indicating a purpose of
having the instrument collected by a bank for the indorser or for a particular account, the
following rules apply: (1) A person, other than a bank, who purchases the instrument...
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