7-9A-103
Section 7-9A-103 Purchase-money security interest; application of payments; burden of establishing.
(a) Definitions. In this section: (1) "purchase-money collateral" means goods or
software that secures a purchase-money obligation incurred with respect to that collateral;
and (2) "purchase-money obligation" means an obligation of an obligor incurred as
all or part of the price of the collateral or for value given to enable the debtor to acquire
rights in or the use of the collateral if the value is in fact so used. (b) Purchase-money
security interest in goods. A security interest in goods is a purchase-money security interest:
(1) to the extent that the goods are purchase-money collateral with respect to that security
interest; (2) if the security interest is in inventory that is or was purchase-money collateral,
also to the extent that the security interest secures a purchase-money obligation incurred
with respect to other inventory in which the secured party holds or held a...
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7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
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7-9A-324
Section 7-9A-324 Priority of purchase-money security interests. (a) General rule: Purchase-money
priority. Except as otherwise provided in subsection (g), a perfected purchase-money security
interest in goods other than inventory or livestock has priority over a conflicting security
interest in the same goods, and, except as otherwise provided in Section 7-9A-327, a perfected
security interest in its identifiable proceeds also has priority, if the purchase-money security
interest is perfected when the debtor receives possession of the collateral or within 20 days
thereafter. (b) Inventory purchase-money priority. Subject to subsection (c) and except as
otherwise provided in subsection (g), a perfected purchase-money security interest in inventory
has priority over a conflicting security interest in the same inventory, has priority over
a conflicting security interest in chattel paper or an instrument constituting proceeds of
the inventory and in proceeds of the chattel paper, if so...
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7-9A-620
Section 7-9A-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory
disposition of collateral. (a) Conditions to acceptance in satisfaction. Except as otherwise
provided in subsection (g), a secured party may accept collateral in full or partial satisfaction
of the obligation it secures only if: (1) the debtor consents to the acceptance under subsection
(c); (2) the secured party does not receive, within the time set forth in subsection (d),
a notification of objection to the proposal authenticated by: (A) a person to which the secured
party was required to send a proposal under Section 7-9A-621; or (B) any other person, other
than the debtor, holding an interest in the collateral subordinate to the security interest
that is the subject of the proposal; (3) if the collateral is consumer goods, the collateral
is not in the possession of the debtor when the debtor consents to the acceptance; and (4)
subsection (e) does not require the secured party to...
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40-29-22
the existence of such lien. (2) MOTOR VEHICLES. With respect to a motor vehicle (as defined
in subsection (g)(3)), as against a purchaser of such motor vehicle, if: a. At the time of
the purchase such purchaser did not have actual notice or knowledge of the existence of such
lien; and b. Before the purchaser obtains such notice or knowledge, he has acquired possession
of such motor vehicle and has not thereafter relinquished possession of such motor vehicle
to the seller or his agent. (3) PERSONAL PROPERTY PURCHASED AT RETAIL. With respect
to tangible personal property purchased at retail, as against a purchaser in the ordinary
course of the seller's trade or business, unless at the time of such purchase such purchaser
intends such purchase to (or knows such purchase will) hinder, evade, or defeat the collection
of any tax under this title. (4) PERSONAL PROPERTY PURCHASED IN CASUAL SALE. With respect
to household goods, personal effects, or other tangible personal property purchased...

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37-11A-1
by the Governor, or upon its otherwise becoming a law, and when the State of Mississippi ratifies
the compact. Article III. For purposes of this compact, the following terms shall have the
following meanings: (1) Person means an individual, a corporation, a partnership, or any other
entity. (2) Railroad means a common carrier by railroad as defined in Section 1(3) of Part
I of the Interstate Commerce Act [codified as 49 U.S.C. §1(3)]. (3) Railroad properties and
facilities mean any real or personal property or interest in property which is owned,
leased, or otherwise controlled by a railroad or other person, including, without limitation,
the authority, and which are used or are useful in rail transportation service, including,
without limiting the generality of the foregoing: a. Track, roadbed, and related structures,
including rail, ties, ballast, other track materials, grading, tunnels, bridges, trestles,
culverts, elevated structures, stations, office buildings used for operating...
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7-9A-309
Section 7-9A-309 Security interest perfected upon attachment. The following security interests
are perfected when they attach: (1) a purchase-money security interest in consumer goods,
except as otherwise provided in Section 7-9A-311(b) with respect to consumer goods that are
subject to a statute or treaty described in Section 7-9A-311(a); (2) an assignment of accounts
or payment intangibles which does not by itself or in conjunction with other assignments to
the same assignee transfer a significant part of the assignor's outstanding accounts or payment
intangibles; (3) a sale of a payment intangible; (4) a sale of a promissory note; (5) a security
interest created by the assignment of a health-care-insurance receivable to the provider of
the health-care goods or services; (6) a security interest arising under Section 7-2-401,
7-2-505, 7-2-711(3), or 7-2A-508(5), until the debtor obtains possession of the collateral;
(7) a security interest of a collecting bank arising under Section...
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7-9-302
interest in property subject to the statute or treaty can be perfected only by compliance therewith
except as provided in Section 7-9-103 on multiple state transactions. Duration and renewal
of perfection of a security interest perfected by compliance with the statute or treaty are
governed by the provisions of the statute or treaty; in other respects the security interest
is subject to this article. (5)(a) The filing provisions of this article also do not apply
to a security interest in personal property or fixtures of a utility which is created
by a mortgage or other security agreement which also covers real property situated in the
State of Alabama and which has been filed for record in accordance with the laws of Alabama
governing mortgages of real property. Such security interest shall be perfected by such filing,
whether such filing shall have been accomplished before or after February 1, 1982; and such
security interest shall be and remain effective, both as to the personal...
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7-9A-334
Section 7-9A-334 Priority of security interests in fixtures and crops. (a) Security interest
in fixtures under this article. A security interest under this article may be created in goods
that are fixtures or may continue in goods that become fixtures. A security interest does
not exist under this article in ordinary building materials incorporated into an improvement
on land. (b) Security interest in fixtures under real-property law. This article does not
prevent creation of an encumbrance upon fixtures under real property law. (c) General rule:
Subordination of security interest in fixtures. In cases not governed by subsections (d) through
(h), a security interest in fixtures is subordinate to a conflicting interest of an encumbrancer
or owner of the related real property other than the debtor. (d) Fixtures purchase-money priority.
Except as otherwise provided in subsection (h), a perfected security interest in fixtures
has priority over a conflicting interest of an encumbrancer or...
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7-9A-625
Section 7-9A-625 Remedies for secured party's failure to comply with article. (a) Judicial
orders concerning noncompliance. If it is established that a secured party is not proceeding
in accordance with this article, a court may order or restrain collection, enforcement, or
disposition of collateral on appropriate terms and conditions. (b) Damages for noncompliance.
Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of
any loss caused by a failure to comply with this article. Loss caused by a failure to comply
may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative
financing. (c) Persons entitled to recover damages; statutory damages in consumer-goods transaction.
Except as otherwise provided in Section 7-9A-628: (1) a person that, at the time of the failure,
was a debtor, was an obligor, or held a security interest in or other lien on the collateral
may recover damages under subsection (b) for its loss;...
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