Mississippi Code
Subpart 1 - Short Title, Definitions, and General Concepts
§ 75-9-102. Definitions and index of definitions

In this article:
"Applicant" Section 75-5-102
"Beneficiary" Section 75-5-102
"Broker" Section 75-8-102
"Certificated security" Section 75-8-102
"Check" Section 75-3-104
"Clearing corporation" Section 75-8-102
"Contract for sale" Section 75-2-106
"Control" Section 75-7-106
"Customer" Section 75-4-104
"Entitlement holder" Section 75-8-102
"Financial asset" Section 75-8-102
"Holder in due course" Section 75-3-302
"Issuer" (with respect to
a letter of credit or
letter-of-credit right Section 75-5-102
"Issuer" (with respect to a
security) Section 75-8-201
"Issuer" (with respect to
documents of title) Section 75-7-102
"Lease" Section 75-2A-103
"Lease agreement" Section 75-2A-103
"Lease contract" Section 75-2A-103
"Leasehold interest" Section 75-2A-103
"Lessee" Section 75-2A-103
"Lessee in ordinary course
of business" Section 75-2A-103
"Lessor" Section 75-2A-103
"Lessor's residual interest" Section 75-2A-103
"Letter of credit" Section 75-5-102
"Merchant" Section 75-2-104
"Negotiable instrument" Section 75-3-104
"Nominated person" Section 75-5-102
"Note" Section 75-3-104
"Proceeds of a letter of
credit" Section 75-5-114
"Prove" Section 75-3-103
"Sale" Section 75-2-106
"Securities account" Section 75-8-501
"Securities intermediary" Section 75-8-102
"Security" Section 75-8-102
"Security certificate" Section 75-8-102
"Security entitlement" Section 75-8-102
"Uncertificated security" Section 75-8-102
Authenticated by a secured party;
Indicating the aggregate unpaid secured obligations as of a date not more than thirty-five (35) days earlier or thirty-five (35) days later than the date of the record; and
Identifying the components of the obligations in reasonable detail.
Which secures payment or performance of an obligation for:
Goods or services furnished in connection with a debtor's farming operation; or
Rent on real property leased by a debtor in connection with its farming operation;
Which is created by statute in favor of a person that:
In the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or
Leased real property to a debtor in connection with the debtor's farming operation; and
Whose effectiveness does not depend on the person's possession of the personal property.
Oil, gas, or other minerals that are subject to a security interest that:
Is created by a debtor having an interest in the minerals before extraction; and
Attaches to the minerals as extracted; or
Accounts arising out of the sale at the wellhead or minehead of oil, gas, or other minerals in which the debtor had an interest before extraction.
To sign; or
With present intent to adopt or accept a record, to attach to or logically associate with the record an electronic sound, symbol or process.
Proceeds to which a security interest attaches;
Accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and
Goods that are the subject of a consignment.
The claimant is an organization; or
The claimant is an individual and the claim:
Arose in the course of the claimant's business or profession; and
Does not include damages arising out of personal injury to or the death of an individual.
Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or
Traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer.
Is registered as a futures commission merchant under federal commodities law; or
In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law.
To send a written or other tangible record;
To transmit a record by any means agreed upon by the persons sending and receiving the record; or
In the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule.
The merchant:
Deals in goods of that kind under a name other than the name of the person making delivery;
Is not an auctioneer; and
Is not generally known by its creditors to be substantially engaged in selling the goods of others;
With respect to each delivery, the aggregate value of the goods is One Thousand Dollars ($1,000.00) or more at the time of delivery;
The goods are not consumer goods immediately before delivery; and
The transaction does not create a security interest that secures an obligation.
An individual incurs an obligation primarily for personal, family, or household purposes; and
A security interest in consumer goods secures the obligation.
Identifies, by its file number, the initial financing statement to which it relates; and
Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement.
A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
A seller of accounts, chattel paper, payment intangibles, or promissory notes; or
A consignee.
Crops grown, growing, or to be grown, including:
Crops produced on trees, vines, and bushes; and
Aquatic goods produced in aquacultural operations;
Livestock, born or unborn, including aquatic goods produced in aquacultural operations;
Supplies used or produced in a farming operation; or
Products of crops or livestock in their unmanufactured states.
Are leased by a person as lessor;
Are held by a person for sale or lease or to be furnished under a contract of service;
Are furnished by a person under a contract of service; or
Consist of raw materials, work in process or materials used or consumed in a business.
A creditor that has acquired a lien on the property involved by attachment, levy, or the like;
An assignee for benefit of creditors from the time of assignment;
A trustee in bankruptcy from the date of the filing of the petition; or
A receiver in equity from the time of appointment.
That creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory; or
In which a manufactured home, other than a manufactured home held as inventory, is the primary collateral.
The spouse of the individual;
A brother, brother-in-law, sister, or sister-in-law of the individual;
An ancestor or lineal descendant of the individual or the individual's spouse; or
Any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual.
A person directly or indirectly controlling, controlled by, or under common control with the organization;
An officer or director of, or a person performing similar functions with respect to, the organization;
An officer or director of, or a person performing similar functions with respect to, a person described in subparagraph (A);
The spouse of an individual described in subparagraph (A), (B), or (C); or
An individual who is related by blood or marriage to an individual described in subparagraph (A), (B), (C), or (D) and shares the same home with the individual.
Whatever is acquired upon the sale, lease, license, exchange or other disposition of collateral;
Whatever is collected on, or distributed on account of, collateral;
Rights arising out of collateral;
To the extent of the value of collateral, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to, the collateral; or
To the extent of the value of collateral and to the extent payable to the debtor or the secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to, the collateral.
"Production-money crops" means crops that secure a production-money obligation incurred with respect to the production of those crops.
"Production-money obligation" means an obligation of an obligor incurred for new value given to enable the debtor to produce crops if the value is in fact used for the production of the crops.
"Production of crops" includes tilling and otherwise preparing land for growing, planting, cultivating, fertilizing, irrigating, harvesting and gathering crops, and protecting them from damage or disease.
Debt securities are issued;
All or a portion of the securities issued have an initial stated maturity of at least twenty (20) years; and
The debtor, obligor, secured party, account debtor or other person obligated on collateral, assignor or assignee of a secured obligation, or assignor or assignee of a security interest is a state or a governmental unit of a state.
A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States which amends or restates the initial record;
An organic record of a business trust consisting of the record initially filed with a state and any record filed with the state which amends or restates the initial record, if a statute of the state governing business trusts requires that the record be filed with the state; or
A record consisting of legislation enacted by the Legislature of a state or the Congress of the United States which forms or organizes an organization, any record amending the legislation, and any record filed with or issued by the state or United States which amends or restates the name of the organization.
The obligor's obligation is secondary; or
The obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either.
A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;
A person that holds an agricultural lien;
A consignor;
A person to which accounts, chattel paper, payment intangibles, or promissory notes have been sold;
A trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for; or
A person that holds a security interest arising under Section 75-2-401, 75-2-505, 75-2-711(3), 75-2A-508(5), 75-4-210, or 75-5-118.
To deposit in the mail, deliver for transmission, or transmit by any other usual means of communication, with postage or cost of transmission provided for, addressed to any address reasonable under the circumstances; or
To cause the record or notification to be received within the time that it would have been received if properly sent under subparagraph (A).
Identifies, by its file number, the initial financing statement to which it relates; and
Indicates either that it is a termination statement or that the identified financing statement is no longer effective.
Operating a railroad, subway, street railway, or trolley bus;
Transmitting communications electrically, electromagnetically, or by light;
Transmitting goods by pipeline or sewer; or
Transmitting or producing and transmitting electricity, steam, gas, or water.
The following definitions in other articles apply to this article:
Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.