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Mississippi Code

Miss. Code Ann. § 75-9-306 (2026)

Law governing perfection and priority of security interests in letter-of-credit rights

✓ current as of July 2026
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Former 1972 Code § 75-9-306 [Codes, 1942, § 41A:9-306; Laws, 1966, ch. 316, § 9-306; Laws, 1977, ch. 452, § 18; Laws, 1996, ch. 468, § 67, eff. 7/1/1996] is now found in comparable provisions enacted at § 75-9-315 by Laws, 2001, ch. 495, § 1. Present § 75-9-306 was derived from 1972 Code § 75-8-110 [Laws, 1996, ch. 468, § 11, eff. 7/1/1996] and former 1972 Code §§ 75-9-103 [Codes, 1942, § 41A:9-103; Laws, 1966, ch. 316, § 9-103; Laws, 1977, ch. 452 § 6, eff. 4/1/1978; Laws, 1990, ch. 384, § 47; Laws, 1996, ch. 460, § 21; Laws, 1996, ch. 468, § 56, eff. 7/1/1996] and 75-9-305 [Codes, 1942, § 41A:9-305; Laws, 1966, ch. 316, § 9-305; Laws, 1977, ch. 452, § 17; Laws, 1990, ch. 384, § 52, 1996, ch. 460, § 26; Laws, 1996, ch. 468, § 66, eff. 7/1/1996] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.

Notes of Decisions
Cited in 3 cases (1 in the last 5 years), 1983–2021 · leading case: Murray v. Payne, 437 So. 2d 47 (Miss. 1983).
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Murray v. Payne, 437 So. 2d 47 (Miss. 1983). “See Miss. Code Ann. § 75-9-306 (Supp. 1982). The record makes clear, however, that the parties did not regard the secured transaction as having ended with the acquisition of the Cessna on May 25, 1978.”
First Bank v. E. Livestock Co., 886 F. Supp. 1328 (S.D. Miss. 1995). “Miss.Code Ann. § 75-9-306(2). Under the Code, a buyer in ordinary course of business takes free of a security interest created by his seller.”
Terry Floyd (Bankr. N.D. Miss. 2021). “” Miss. Code Ann. § 75-9-306 . Based on this statute, the Court recognizes that, under Mississippi law, Southern continues to have a security interest in the collateral securing the Boat Claim, to include, if provided for in Southern’s security documents or instruments, in the…”
Miss. Code Ann. § 75-9-306(2): 1 case
First Bank v. E. Livestock Co., 886 F. Supp. 1328 (S.D. Miss. 1995). “Miss.Code Ann. § 75-9-306(2). Under the Code, a buyer in ordinary course of business takes free of a security interest created by his seller.”
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