Mississippi § 81-27-5 - 202.
Full text of Mississippi Mississippi Code of 1972 Annotated § 81-27-5 — 202., with citation guidance and answers to common questions.
§ 81-27-5. 202.
Subject to rules or regulations adopted under this chapter, a state trust company may become the owner and lessor of tangible personal property for lease financing transactions on a net lease basis on the specific request and for the use of a client. Without the written approval of the commissioner to continue holding property acquired for leasing purposes under this subsection, the state trust company may not hold the property more than six (6) months after the date of expiration of the original or any extended or renewed lease period agreed to by the client for whom the property was acquired or by a subsequent lessee. Rental payments received by the trust company in a lease financing transaction under this section are considered to be rent and not interest or compensation for the use, forbearance, or detention of money. However, a lease financing transaction is considered to be a loan or extension of credit for purposes of Section 81-27-5.201.
Frequently Asked Questions About Mississippi § 81-27-5
What does Mississippi Code of 1972 Annotated § 81-27-5 cover?
Section 81-27-5 ("202.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 81-27-5?
A common citation format is "Mississippi Code of 1972 Annotated § 81-27-5" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 81-27-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.