MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Judiciary B

By: Representative Simpson

AN ACT TO AMEND SECTION 89-1-45, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR PURCHASE MONEY RESULTING TRUST; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 89-1-45, Mississippi Code of 1972, is amended as follows:

89-1-45. Every mortgage given at the time of the purchase of real estate to secure the payment of the purchase money, whether given to the vendor or a third party lender, shall be entitled to a preference over all judgments and other debts of the mortgagor, which preference shall extend only to the land purchased.

SECTION 2. This act shall take effect and be in force from and after July 1, 1998.