Mississippi Code

Miss. Code Ann. § 75-9-203 (2026)

Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites

✓ current as of July 2026

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(a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.

(b) Except as otherwise provided in subsections (c) through (i), a security interest is enforceable against the debtor and third parties with respect to the collateral only if:
- (1) Value has been given;
- (2) The debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party; and
- (3) One (1) of the following conditions is met:
  - (A) The debtor has authenticated a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned;
  - (B) The collateral is not a certificated security and is in the possession of the secured party under Section 75-9-313 pursuant to the debtor's security agreement;
  - (C) The collateral is a certificated security in registered form and the security certificate has been delivered to the secured party under Section 75-8-301 pursuant to the debtor's security agreement; or
  - (D) The collateral is deposit accounts, electronic chattel paper, investment property, letter-of-credit rights, or electronic documents, and the secured party has control under Section 75-7-106, 75-9-104, 75-9-105, 75-9-106, or 75-9-107 pursuant to the debtor's security agreement.

(c) Subsection (b) is subject to Section 75-4-210 on the security interest of a collecting bank, Section 75-5-118 on the security interest of a letter-of-credit issuer or nominated person, Section 75-9-110 on a security interest arising under Article 2 or 2A of Title 75, and Section 75-9-206 on security interests in investment property.

(d) A person becomes bound as debtor by a security agreement entered into by another person if, by operation of law other than this article or by contract:
- (1) The security agreement becomes effective to create a security interest in the person's property; or
- (2) The person becomes generally obligated for the obligations of the other person, including the obligation secured under the security agreement, and acquires or succeeds to all or substantially all of the assets of the other person.

(e) If a new debtor becomes bound as debtor by a security agreement entered into by another person:
- (1) The agreement satisfies subsection (b) (3) with respect to existing or after-acquired property of the new debtor to the extent the property is described in the agreement; and
- (2) Another agreement is not necessary to make a security interest in the property enforceable.

(f) The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by Section 75-9-315 and is also attachment of a security interest in a supporting obligation for the collateral.

(g) The attachment of a security interest in a right to payment or performance secured by a security interest or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage, or other lien.

(h) The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.

(i) The attachment of a security interest in a commodity account is also attachment of a security interest in the commodity contracts carried in the commodity account.

Laws, 2001, ch. 495, § 1; Laws, 2006, ch. 527, § 60, eff. 7/1/2006.

Notes of Decisions

Cited in 16 cases (1 in the last 5 years), 1980–2023 · leading case: Gibson v. Manuel, 534 So. 2d 199 (Miss. 1988).

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Gibson v. Manuel, 534 So. 2d 199 (Miss. 1988). “Miss. Code Ann. § 75-9-203 (1) and (2) (1972).”

O & G Leasing, LLC v. First Sec. Bank (In Re O & G Leasing, LLC), 456 B.R. 652 (Bankr. S.D. Miss. 2011). · cites it 2× “Regardless of the order they are completed, as long as the security agreement satisfies all of the elements under Miss. Code § 75-9-203, the security interest attaches to the collateral.”

First Bank v. E. Livestock Co., 837 F. Supp. 792 (S.D. Miss. 1993). “See Miss.Code Ann. § 75-9-203(l)(a). 7 That security interest is “perfected” when the secured party files an effective financing statement including, inter alia, “a description of the farm products subject to the security interest” established by the security agreement.”

W.C. Fore Trucking Co. v. Biloxi Prestress Concrete, Inc., 98 F.3d 204 (5th Cir. 1996). · cites it 2× “Issues raised in the briefs regarding whether the security interest of Fore attached and was enforceable and whether the collateral description was sufficient pursuant to Miss.Code Ann. § 75-9-203 (Supp.1994) need not be determined here.”

Crosby v. Peoples Bank of Indianola, 472 So. 2d 951 (Miss. 1985). · cites it 2× “Miss.Code Ann. § 75-9-203(1) (1972). Moreover, that security interest had become enforceable as between the parties.”

Peoples Bank v. Bryan Bros. Cattle Co., 504 F.3d 549 (5th Cir. 2007). “Miss.Code Ann. § 75-9-203(b). 9 . Id. § 13-3-55.”

United States v. Se. Mississippi Livestock Farmers Ass'n, 619 F.2d 435 (5th Cir. 1980). · cites it 3× “Miss.Code Ann. § 75-9-203 (1972) (amended 1977) provided in pertinent part: (1) Subject to the provisions of Section 4-208 [§ 75 — 4-208] on the security interest of a collecting bank and Section 9-113 [§ 75-9-113] on a security interest arising under the chapter on Sales, a…”

Greenville Riverboat, LLC v. Less, Getz & Lipman, P.L.L.C., 131 F. Supp. 2d 842 (S.D. Miss. 2000). “Miss.Code Ann. §§ 75-9-203, 75-9-110. 9 .”

South Mississippi Fin. Co. v. Mississippi State Tax Comm'n, 605 So. 2d 736 (Miss. 1992). “” Miss.Code Ann. § 75-9-203(l)(c) (1972); C.”

Ford Motor Credit v. STATE BANK & TRUST, 571 So. 2d 937 (Miss. 1990). · cites it 2× “Miss. Code Ann. § 75-9-203 (1)(a), (b) and (c) (Supp.”

Orix Credit All., Inc. v. Heard Fam. Trucking, Inc., 177 B.R. 68 (S.D. Miss. 1994). “See Miss.Code Ann. § 75-9-203. 7 . In support of this finding, the bankruptcy judge cited the sales contract which indicated that the truck would be kept at Heard Trucking’s principal place of'business, Route 1 Box 81, Brooks-ville, Mississippi.”

U.S. Small Bus. Admin. v. Guar. Bank & Trust Co., 874 F.2d 997 (5th Cir. 1989). · cites it 2× “But whether or not it owned the farming equipment, it had “rights in the collateral” sufficient to enable it to grant a security interest pursuant to Miss.Code Ann. § 75-9-203. We will address What-ley Farms’s corporate existence and then the validity of the SBA’s security…”

Show all 16 citing cases →

— Miss. Code Ann. § 75-9-203(1) — 3 cases

United States v. Se. Mississippi Livestock Farmers Ass'n, 619 F.2d 435 (5th Cir. 1980). “Miss.Code Ann. § 75-9-203 (1972) (amended 1977) provided in pertinent part: (1) Subject to the provisions of Section 4-208 [§ 75 — 4-208] on the security interest of a collecting bank and Section 9-113 [§ 75-9-113] on a security interest arising under the chapter on Sales, a…”

W.C. Fore Trucking Co. v. Biloxi Prestress Concrete, Inc., 98 F.3d 204 (5th Cir. 1996). “Issues raised in the briefs regarding whether the security interest of Fore attached and was enforceable and whether the collateral description was sufficient pursuant to Miss.Code Ann. § 75-9-203 (Supp.1994) need not be determined here.”

Crosby v. Peoples Bank of Indianola, 472 So. 2d 951 (Miss. 1985). “Miss.Code Ann. § 75-9-203(1) (1972). Moreover, that security interest had become enforceable as between the parties.”

— Miss. Code Ann. § 75-9-203(1)(a)(b)(c) — 1 case

St. Paul Mercury Ins. Co. v. Merchants & Marine Bank, 882 So. 2d 766 (Miss. 2004).

— Miss. Code Ann. § 75-9-203(2) — 1 case

Crosby v. Peoples Bank of Indianola, 472 So. 2d 951 (Miss. 1985). “Miss.Code Ann. § 75-9-203(1) (1972). Moreover, that security interest had become enforceable as between the parties.”

— Miss. Code Ann. § 75-9-203(a) — 1 case

O & G Leasing, LLC v. First Sec. Bank (In Re O & G Leasing, LLC), 456 B.R. 652 (Bankr. S.D. Miss. 2011). “Regardless of the order they are completed, as long as the security agreement satisfies all of the elements under Miss. Code § 75-9-203, the security interest attaches to the collateral.”

— Miss. Code Ann. § 75-9-203(b) — 1 case

Peoples Bank v. Bryan Bros. Cattle Co., 504 F.3d 549 (5th Cir. 2007). “Miss.Code Ann. § 75-9-203(b). 9 . Id. § 13-3-55.”

— Miss. Code Ann. § 75-9-203(l)(a) — 1 case

— Miss. Code Ann. § 75-9-203(l)(c) — 1 case

South Mississippi Fin. Co. v. Mississippi State Tax Comm'n, 605 So. 2d 736 (Miss. 1992). “” Miss.Code Ann. § 75-9-203(l)(c) (1972); C.”

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