SEC. 89-5-37. Name of beneficiary must be disclosed in mortgage or deed of trust to be recorded; exception.
The clerk of the chancery court, or his deputy, shall not record any mortgage or deed of trust in which the name of the beneficiary is not disclosed therein, and if such instrument is recorded it shall not impart notice to anyone. But the preceding sentence shall not apply if the mortgage or deed of trust discloses as beneficiary the name of an agent or other representative designated as such of one or more holders of the secured indebtedness in which event there shall be no requirement to disclose the holders of promissory notes, bonds, certificates of participation, trustee's certificates or the like secured by the mortgage or deed of trust. The assignment or transfer of a secured indebtedness need not be filed for record nor entered on the margin of the record if the holder thereof is represented by an agent, trustee or the like disclosed as beneficiary in the mortgage or deed of trust.
SOURCES: Codes, Hutchinson's 1848, ch. 42, art. 1 (10); 1857, ch. 36, art. 36; 1871, Sec. 2319; 1880, Sec. 1223; 1892, Sec. 2471; 1906, Sec. 2805; Hemingway's 1917, Sec. 2306; 1930, Sec. 2156; 1942, Sec. 877; Laws, 1924, ch. 228; 1928, ch. 199; 1952, ch. 342; Laws, 1988, ch. 428, Sec. 2, eff from and after passage (approved April 23, 1988).