7-9A-401
Section 7-9A-401 Alienability of debtor's rights. (a) Other law governs alienability;
exceptions. Except as otherwise provided in subsection (b) and Sections 7-9A-406, 7-9A-407,
7-9A-408, and 7-9A-409, whether a debtor's rights in collateral may be voluntarily or involuntarily
transferred is governed by law other than this article. (b) Agreement does not prevent transfer.
An agreement between the debtor and secured party which prohibits a transfer of the debtor's
rights in collateral or makes the transfer a default does not prevent the transfer from taking
effect. (Act 2001-481, p. 647, §1.)...
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7-9A-203
Section 7-9A-203 Attachment and enforceability of security interest; proceeds; supporting
obligations; formal requisites. (a) Attachment. A security interest attaches to collateral
when it becomes enforceable against the debtor with respect to the collateral, unless an agreement
expressly postpones the time of attachment. (b) Enforceability. Except as otherwise provided
in subsections (c) through (i), a security interest is enforceable against the debtor and
third parties with respect to the collateral only if: (1) value has been given; (2) the debtor
has rights in the collateral or the power to transfer rights in the collateral to a secured
party; and (3) one of the following conditions is met: (A) the debtor has authenticated a
security agreement that provides a description of the collateral and, if the security interest
covers timber to be cut, a description of the land concerned; (B) the collateral is not a
certificated security and is in the possession of the secured party under...
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7-9A-406
Section 7-9A-406 Discharge of account debtor; notification of assignment; identification
and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles,
and promissory notes ineffective. (a) Discharge of account debtor; effect of notification.
Subject to subsections (b) through (i), an account debtor on an account, chattel paper, or
a payment intangible may discharge its obligation by paying the assignor until, but not after,
the account debtor receives a notification, authenticated by the assignor or the assignee,
that the amount due or to become due has been assigned and that payment is to be made to the
assignee. After receipt of the notification, the account debtor may discharge its obligation
by paying the assignee and may not discharge the obligation by paying the assignor. (b) When
notification ineffective. Subject to subsection (h), notification is ineffective under subsection
(a): (1) if it does not reasonably identify the rights assigned;...
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7-9A-408
Section 7-9A-408 Restrictions on assignment of promissory notes, health-care-insurance
receivables, and certain general intangibles ineffective. (a) Term restricting assignment
generally ineffective. Except as otherwise provided in subsection (b), a term in a promissory
note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance
receivable or a general intangible, including a contract, permit, license, or franchise, and
which term prohibits, restricts, or requires the consent of the person obligated on the promissory
note or the account debtor to, the assignment or transfer of, or creation, attachment, or
perfection of a security interest in, the promissory note, health-care-insurance receivable,
or general intangible, is ineffective to the extent that the term: (1) would impair the creation,
attachment, or perfection of a security interest; or (2) provides that the assignment or transfer
or the creation, attachment, or perfection of the...
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7-9-302
Section 7-9-302 When filing is required to perfect security interest; security interests
to which filing provisions of this article do not apply. THIS SECTION WAS REPEALED
IN THE 2001 REGULAR SESSION, BY ACT 2001-481, EFFECTIVE JAN. 1, 2002. (1) A financing statement
must be filed to perfect all security interests except the following: (a) A security interest
in collateral in possession of the secured party under Section 7-9-305; (b) A security
interest temporarily perfected in instruments, certificated securities, or documents without
delivery under Section 7-9-304 or in proceeds for a 20-day period under Section
7-9-306; (c) A security interest created by an assignment of a beneficial interest in a trust
or a decedent's estate; (d) A purchase money security interest in consumer goods; but filing
is required for a motor vehicle required to be registered; and fixture filing is required
for priority over conflicting interests in fixtures to the extent provided in Section
7-9-313; (e) An...
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10A-1-1.03
Section 10A-1-1.03 Definitions. As used in this title, unless the context otherwise
requires, the following terms mean: (1) AFFILIATE. A person who controls, is controlled by,
or is under common control with another person. An affiliate of an individual includes the
spouse, or a parent or sibling thereof, of the individual, or a child, grandchild, sibling,
parent, or spouse of any thereof, of the individual, or an individual having the same home
as the individual, or a trust or estate of which an individual specified in this sentence
is a substantial beneficiary; a trust, estate, incompetent, conservatee, protected person,
or minor of which the individual is a fiduciary; or an entity of which the individual is director,
general partner, agent, employee or the governing authority or member of the governing authority.
(2) ASSOCIATE. When used to indicate a relationship with: (A) a domestic or foreign entity
for which the person is: (i) an officer or governing person; or (ii) a beneficial...
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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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7-4A-507
Section 7-4A-507 Choice of law. (a) The following rules apply unless the affected parties
otherwise agree or subsection (c) applies: (1) The rights and obligations between the sender
of a payment order and the receiving bank are governed by the law of the jurisdiction in which
the receiving bank is located. (2) The rights and obligations between the beneficiary's bank
and the beneficiary are governed by the law of the jurisdiction in which the beneficiary's
bank is located. (3) The issue of when payment is made pursuant to a funds transfer by the
originator to the beneficiary is governed by the law of the jurisdiction in which the beneficiary's
bank is located. (b) If the parties described in each paragraph of subsection (a) have made
an agreement selecting the law of a particular jurisdiction to govern rights and obligations
between each other, the law of that jurisdiction governs those rights and obligations, whether
or not the payment order or the funds transfer bears a reasonable...
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7-9A-316
Section 7-9A-316 Effect of change in governing law. (a) General rule: Effect on perfection
of change in governing law. A security interest perfected pursuant to the law of the jurisdiction
designated in Section 7-9A-301(1) or 7-9A-305(c) remains perfected until the earliest
of: (1) the time perfection would have ceased under the law of that jurisdiction; (2) the
expiration of four months after a change of the debtor's location to another jurisdiction;
or (3) the expiration of one year after a transfer of collateral to a person that thereby
becomes a debtor and is located in another jurisdiction. (b) Security interest perfected or
unperfected under law of new jurisdiction. If a security interest described in subsection
(a) becomes perfected under the law of the other jurisdiction before the earliest time or
event described in that subsection, it remains perfected thereafter. If the security interest
does not become perfected under the law of the other jurisdiction before the earliest...
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35-10A-2
Section 35-10A-2 Transfer of property, assets, etc. (a) Notwithstanding any other provision
of law including, but not limited to, Section 7-9-506 and Section 7-9A-623,
to the extent set forth in the transaction documents relating to a securitization transaction:
(1) Any property, assets, or rights purported to be transferred, in whole or in part, in the
securitization transaction shall be deemed to no longer be the property, assets, or rights
of the transferor; (2) A transferor in the securitization transaction, its creditors or, in
any insolvency proceeding with respect to the transferor or the transferor's property, a bankruptcy
trustee, receiver, debtor, debtor in possession, or similar person, to the extent the issue
is governed by Alabama law, shall have no rights, legal or equitable, whatsoever to reacquire,
reclaim, recover, repudiate, disaffirm, redeem, or recharacterize as property of the transferor
any property, assets, or rights purported to be transferred, in whole or in...
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