LegalFix
Sign In

§ 75-9-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

MS Code § 75-9-338 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(1) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and

(2) A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.

Previous Section
§ 75-9-337. Priority of security interests in goods covered by certificate of title
Next Section
§ 75-9-339. Priority subject to subordination