As Amended
SEC. 75-9-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties [Effective January 1, 2002].
(a) Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:
(1) A statute, regulation or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt Section 75-9-310(a);
(2) Sections 63-21-1 through 63-21-77 (the Mississippi Motor Vehicle and Manufactured Housing Title Law); or
(3) A certificate-of-title statute of another jurisdiction which provides for a security interest to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property.
(b) Compliance with the requirements of a statute, regulation or treaty described in subsection (a) for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this article. Except as otherwise provided in subsection (d) and Sections 75-9-313 and 75-9-316(d) and (e) for goods covered by a certificate of title, a security interest in property subject to a statute, regulation or treaty described in subsection (a) may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.
(c) Except as otherwise provided in subsection (d) and Section 75-9-316(d) and (e), duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation or treaty described in subsection (a) are governed by the statute, regulation or treaty. In other respects, the security interest is subject to this article.
(d) During any period in which collateral subject to a statute specified in subsection (a)(2) is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.
SOURCES: Former 1972 Code § 75-9-311 [Codes, 1942, §
41A:9-311; Laws, 1966, ch. 316, § 9-311, eff March 31, 1968]
is now found in comparable provisions enacted at § 75-9-401 by Laws,
2001, ch. 495, § 1. Present § 75-9-311 was derived from
former 1972 Code § 75-9-302 [Codes, 1942, § 41A:9-302; Laws,
1966, ch. 316, § 9-302; Laws, 1977, ch. 452, § 15; Laws,
1986, ch. 401, § 1; Laws, 1990, ch. 384, § 50; Laws, 1996, ch.
468, §
62, eff from and after July 1, 1996] and was enacted by Laws,
2001, ch. 495, § 1, HB 1311, eff from and after January 1, 2002.
PREVIOUS VERSIONS: Pre-2001