Mississippi § 75-9-805 - Effectiveness of action taken before July 1, 2013.

§ 75-9-805. Effectiveness of action taken before July 1, 2013.

The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 9 as amended by Chapter 451, Laws of 2013. Chapter 451, Laws of 2013, does not render ineffective an effective financing statement that, before July 1, 2013, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in Article 9 as it existed before amendment. However, except as otherwise provided in subsections (c) and (d) and Section 75-9-806, the financing statement ceases to be effective: If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had Chapter 451, Laws of 2013, not taken effect; or If the financing statement is filed in another jurisdiction, at the earlier of: The time the financing statement would have ceased to be effective under the law of that jurisdiction; or June 30, 2018. The filing of a continuation statement after July 1, 2013, does not continue the effectiveness of the financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in Article 9 as amended by Chapter 451, Laws of 2013, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction. Subsection (b)(2)(B) applies to a financing statement that, before July 1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in Article 9 as it existed before amendment, only to the extent that Article 9 as amended by Chapter 451, Laws of 2013, provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement. A financing statement that includes a financing statement filed before July 1, 2013, and a continuation statement filed after July 1, 2013, is effective only to the extent that it satisfies the requirements of Part 5 as amended by Chapter 451, Laws of 2013, for an initial financing statement. A financing statement that indicates that the debtor is a decedent’s estate indicates that the collateral is being administered by a personal representative within the meaning of Section 75-9-503(a)(2) as amended by Chapter 451, Laws of 2013. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of Section 75-9-503(a)(3) as amended by Chapter 451, Laws of 2013.