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7-2A-218
Section 7-2A-218 Insurance and proceeds. (1) A lessee obtains an insurable interest
when existing goods are identified to the lease contract even though the goods identified
are nonconforming and the lessee has an option to reject them. (2) If a lessee has an insurable
interest only by reason of the lessor's identification of the goods, the lessor, until the
lessor's default or insolvency or notification to the lessee that identification is final,
may substitute other goods for those identified. (3) Notwithstanding a lessee's insurable
interest under subsections (1) and (2), the lessor retains an insurable interest until an
option to buy has been exercised by the lessee and risk of loss has passed to the lessee.
For this purpose the option to buy shall be deemed to have been exercised by the lessee when
the resulting sale is closed, not when the lessee gives notice to the lessor of the lessee's
intention to exercise the option. (4) Nothing in this section impairs any insurable
interest...
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7-2-501
Section 7-2-501 Insurable interest in goods; manner of identification of goods. (1)
The buyer obtains a special property and an insurable interest in goods by identification
of existing goods as goods to which the contract refers even though the goods so identified
are nonconforming and he has an option to return or reject them. Such identification can be
made at any time and in any manner explicitly agreed to by the parties. In the absence of
explicit agreement "identification" occurs: (a) When the contract is made if it
is for the sale of goods already existing and identified; (b) If the contract is for the sale
of future goods other than those described in paragraph (c), when goods are shipped, marked
or otherwise designated by the seller as goods to which the contract refers; (c) When the
crops are planted or otherwise become growing crops or the young are conceived if the contract
is for the sale of unborn young to be born within 12 months after contracting or for the sale
of...
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7-1-203
Section 7-1-203 Lease distinguished from security interest. (a) Whether a transaction
in the form of a lease creates a lease or security interest is determined by the facts of
each case. (b) A transaction in the form of a lease creates a security interest if the consideration
that the lessee is to pay the lessor for the right to possession and use of the goods is an
obligation for the term of the lease and is not subject to termination by the lessee, and:
(1) The original term of the lease is equal to or greater than the remaining economic life
of the goods; (2) The lessee is bound to renew the lease for the remaining economic life of
the goods or is bound to become the owner of the goods; (3) The lessee has an option to renew
the lease for the remaining economic life of the goods for no additional consideration or
for nominal additional consideration upon compliance with the lease agreement; or (4) The
lessee has an option to become the owner of the goods for no additional...
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7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In
this article: (1) "Accession" means goods that are physically united with other
goods in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...
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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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7-2A-221
Section 7-2A-221 Casualty to identified goods. If a lease contract requires goods identified
when the lease contract is made, and the goods suffer casualty without fault of the lessee,
the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss
passes to the lessee pursuant to the lease agreement or Section 7-2A-219, then: (a)
if the loss is total, the lease contract is voided; and (b) if the loss is partial or the
goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless
demand inspection and at his or her option either treat the lease contract as voided or, except
in a finance lease, accept the goods with due allowance from the rent payable for the balance
of the lease term for the deterioration or the deficiency in quantity but without further
right against the lessor. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, ยง221.)...
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7-2A-531
Section 7-2A-531 Standing to sue third parties for injury to goods. (1) If a third party
so deals with goods that have been identified to a lease contract as to cause actionable injury
to a party to the lease contract (a) the lessor has a right of action against the third party,
and (b) the lessee also has a right of action against the third party if the lessee: (i) has
a security interest in the goods; (ii) has an insurable interest in the goods; or (iii) bears
the risk of loss under the lease contract or has since the injury assumed that risk as against
the lessor and the goods have been converted or destroyed. (2) If at the time of the injury
the party plaintiff did not bear the risk of loss as against the other party to the lease
contract and there is no arrangement between them for disposition of the recovery, his or
her suit or settlement, subject to his or her own interest, is as a fiduciary for the other
party to the lease contract. (3) Either party with the consent of the...
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7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the
context otherwise requires: (a) "Buyer in ordinary course of business" means a person
who in good faith and without knowledge that the sale to him or her is in violation of the
ownership rights or security interest or leasehold interest of a third party in the goods,
buys in ordinary course from a person in the business of selling goods of that kind but does
not include a pawnbroker. "Buying" may be for cash or by exchange of other property
or on secured or unsecured credit and includes receiving goods or documents of title under
a pre-existing contract for sale but does not include a transfer in bulk or as security for
or in total or partial satisfaction of a money debt. (b) "Cancellation" occurs when
either party puts an end to the lease contract for default by the other party. (c) "Commercial
unit" means such a unit of goods as by commercial usage is a single whole for purposes
of lease and...
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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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7-2A-309
Section 7-2A-309 Lessor's and lessee's rights when goods become fixtures. (1) In this
section: (a) goods are "fixtures" when they become so related to particular
real estate that an interest in them arises under real estate law; (b) a "fixture filing"
is the filing, in the office where a record of a mortgage on the real estate would be filed
or recorded, of a financing statement covering goods that are or are to become fixtures and
conforming to the requirements of Section 7-9A-502(a) and (b); (c) a lease is a "purchase
money lease" unless the lessee has possession or use of the goods or the right to possession
or use of the goods before the lease agreement is enforceable; (d) a mortgage is a "construction
mortgage" to the extent it secures an obligation incurred for the construction of an
improvement on land including the acquisition cost of the land, if the recorded writing so
indicates; and (e) "encumbrance" includes real estate mortgages and other liens
on real estate and all other...
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