SEC. 75-77-7. Transfer of title and right of possession to repurchased inventory.
Upon payment of the repurchase amount to the retailer, the title and right of possession to the repurchased inventory shall transfer to the wholesaler, manufacturer or distributor.
SOURCES: Laws, 1977, ch. 419, Sec. 4, eff from and after passage (approved March 30,1977).
SECTION 6. Section 75-77-7, Mississippi Code of 1972, is amended as follows:
75-77-7. Upon payment of the repurchase amount to the retailer,
the title and right of possession to the repurchased inventory shall transfer
to the supplier. Annually, at the end of each calendar year,
after termination or cancellation, the retailer's reserve account for recourse,
retail sale or lease contracts shall not be debited by a supplier or lender
for any deficiency unless the retailer or his heirs have been given at
least seven (7) business days' notice by registered U.S. mail, return receipt
requested, of any proposed sale of the equipment financed and an opportunity
to purchase the equipment. The former retailer or his heirs shall be given
quarterly status reports on any remaining outstanding recourse contracts.
As the recourse contracts are reduced, any reserve account funds shall
be returned to the retailer or his heirs in direct proportion to the liabilities
SOURCE: 1997 Laws, Chapter 318, Sec. 6, SB2339, Effective July 1, 1997.