7-2A-522
Section 7-2A-522 Lessee's right to goods on lessor's insolvency. (1) Subject to subsection
(2) and even though the goods have not been shipped, a lessee who has paid a part or all of
the rent and security for goods identified to a lease contract (Section 7-2A-217) on making
and keeping good a tender of any unpaid portion of the rent and security due under the lease
contract may recover the goods identified from the lessor if the lessor becomes insolvent
within 10 days after receipt of the first installment of rent and security. (2) A lessee acquires
the right to recover goods identified to a lease contract only if they conform to the lease
contract. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §522.)...
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7-2A-310
Section 7-2A-310 Lessor's and lessee's rights when goods become accessions. (1) Goods are "accessions"
when they are installed in or affixed to other goods. (2) The interest of a lessor or a lessee
under a lease contract entered into before the goods became accessions is superior to all
interests in the whole except as stated in subsection (4). (3) The interest of a lessor or
a lessee under a lease contract entered into at the time or after the goods became accessions
is superior to all subsequently acquired interests in the whole except as stated in subsection
(4) but is subordinate to interests in the whole existing at the time the lease contract was
made unless the holders of such interests in the whole have in writing consented to the lease
or disclaimed an interest in the goods as part of the whole. (4) The interest of a lessor
or a lessee under a lease contract described in subsection (2) or (3) is subordinate to the
interest of (a) a buyer in the ordinary course of business or a...
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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-308
Section 7-2A-308 Special rights of creditors. (1) A creditor of a lessor in possession of goods
subject to a lease contract may treat the lease contract as void if as against the creditor
retention of possession by the lessor is fraudulent under any statute or rule of law, but
retention of possession in good faith and current course of trade by the lessor for a commercially
reasonable time after the lease contract becomes enforceable is not fraudulent. (2) Nothing
in this article impairs the rights of creditors of a lessor if the lease contract is made
under circumstances which under any statute or rule of law apart from this article would constitute
the transaction a fraudulent transfer or voidable preference. (3) A creditor of a seller may
treat a sale or an identification of goods to a contract for sale as void if as against the
creditor retention of possession by the seller is fraudulent under any statute or rule of
law, but retention of possession of the goods pursuant to a lease...
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7-2-704
Section 7-2-704 Seller's right to identify goods to the contract notwithstanding breach or
to salvage unfinished goods. (1) An aggrieved seller under Section 7-2-703 may: (a) Identify
to the contract conforming goods not already identified if at the time he learned of the breach
they are in his possession or control; (b) Treat as the subject of resale goods which have
demonstrably been intended for the particular contract even though those goods are unfinished.
(2) Where the goods are unfinished an aggrieved seller may in the exercise of reasonable commercial
judgment for the purposes of avoiding loss and of effective realization either complete the
manufacture and wholly identify the goods to the contract or cease manufacture and resell
for scrap or salvage value or proceed in any other reasonable manner. (Acts 1965, No. 549,
p. 811.)...
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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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7-2A-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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7-2A-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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35-11-212
Section 35-11-212 Building or improvement on leased land. (a) When the building or improvement
is erected under or by virtue of any contract with a lessee in possession, and the erection
thereof is not in violation of the terms or conditions of the lease, the lien shall attach
to such building or improvement, and to the unexpired term of the lease, and the holder of
the lien shall have the right to avoid a forfeiture of the lease by paying rent to the lessor,
as it becomes due and payable, or by the performance of any other act or duty to which the
lessee may be bound; and if the lien is enforced by a sale of the building or improvement,
the purchaser may, at his election, become entitled to the possession of the demised premises,
and to remain therein for the unexpired term, by paying rent to the lessor, or performing
any other act or duty to which the lessee was bound, as if he were the assignee of the lease;
or he may, within 60 days after the sale, remove such building or...
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7-2A-406
Section 7-2A-406 Procedure on excused performance. (1) If the lessee receives notification
of a material or indefinite delay or an allocation justified under Section 7-2A-405, the lessee
may by written notification to the lessor as to any goods involved, and with respect to all
of the goods if under an installment lease contract the value of the whole lease contract
is substantially impaired (Section 7-2A-510): (a) terminate the lease contract (Section 7-2A-505(2));
or (b) except in a finance lease, modify the lease contract by accepting the available quota
in substitution, with due allowance from the rent payable for the balance of the lease term
for the deficiency but without further right against the lessor. (2) If, after receipt of
a notification from the lessor under Section 7-2A-405, the lessee fails so to modify the lease
agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect
to any deliveries affected. (Acts 1992, 2nd Ex. Sess., No....
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