SB 2856

AN ACT TO AMEND SECTION 63-21-43, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A SECURITY INTEREST IN A MOTOR VEHICLE MAY NOT BE PERFECTED WHILE THE VEHICLE IS SUBJECT TO A VALID STATUTORY POSSESSORY LIEN; TO REQUIRE A SECURED PARTY SEEKING TO PERFECT A SECURITY INTEREST TO CERTIFY TO THE DEPARTMENT OF REVENUE THAT NO SUCH POSSESSORY LIEN EXISTS OR OBTAIN WRITTEN CONSENT FROM THE HOLDER OF SUCH A LIEN; TO PROVIDE THAT ANY SECURITY INTEREST FILED IN VIOLATION OF THIS ACT SHALL BE UNPERFECTED AGAINST THE HOLDER OF THE POSSESSORY LIEN AND SUBORDINATE IN PRIORITY TO THAT LIEN; TO BRING FORWARD SECTIONS 63-21-16, 75-9-333, 85-7-107 AND 85-7-251, MISSISSIPPI CODE OF 1972, FOR THE PURPOSE OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.