MISSISSIPPI LEGISLATURE

2001 Regular Session

To: Judiciary A

By: Representative McBride

AN ACT TO AMEND SECTION 75-9-406, MISSISSIPPI CODE OF 1972, TO REVISE THE RELEASE OF COLLATERAL BY A SECURED PARTY; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 75-9-406, Mississippi Code of 1972, is amended as follows:

75-9-406. A secured party of record shall by his signed statement release all or part of any collateral described in a filed financing statement. The statement of release is sufficient if it contains a description of the collateral being released, the name and address of the debtor, the name and address of the secured party, and the file number of the financing statement. A statement of release signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record and complying with Section 75-9-405(2), including payment of the required fee. Upon presentation of such a statement of release to the filing officer, he shall mark the statement with the hour and date of filing and shall note the same upon the margin of the index of the filing of the financing statement. The uniform fee for filing and noting such a statement of release shall be Five Dollars ($5.00) if the statement is in the standard form prescribed by the Secretary of State, and otherwise shall be Ten Dollars ($10.00), plus in each case an additional fee of Two Dollars ($2.00) for each name more than one against which the statement of release is required to be indexed.

SECTION 2. This act shall take effect and be in force from and after July 1, 2001.