Mississippi § 81-27-8 - 103.
Full text of Mississippi Mississippi Code of 1972 Annotated § 81-27-8 — 103., with citation guidance and answers to common questions.
§ 81-27-8. 103.
When the commissioner, or duly appointed agent, shall take possession of any state trust company under Section 81-27-8.101 or Section 81-27-8.102, the commissioner or agent shall within forty-eight (48) hours, file with the chancery clerk of the county where the state trust company is located, a notice of such action which shall state the reason therefor, and such notice shall be deemed the equivalent of a summons and complaint against the state trust company in an action in the chancery court except that it shall not be necessary to make service thereof. The taking possession of any state trust company shall be effective on the date when such authority was exercised and from and after such time all assets and property of such state trust company, of whatever nature, shall be deemed to be in possession of the commissioner, and the exercise of such authority shall operate as a bar to any attachment, or other legal proceeding against the state trust company or its assets. After the commissioner’s exercise of authority, no lien shall be acquired, in any manner binding or affecting any of the assets of the state trust company and every transfer or assignment made thereafter by the state trust company, or by its authority, of the whole or any part of its assets, shall be null and void; and the commissioner, shall be substituted in place of the state trust company in all actions in the state or federal courts, pending at the time of the exercise of such authority.
Frequently Asked Questions About Mississippi § 81-27-8
What does Mississippi Code of 1972 Annotated § 81-27-8 cover?
Section 81-27-8 ("103.") 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 § 81-27-8?
A common citation format is "Mississippi Code of 1972 Annotated § 81-27-8" (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 § 81-27-8 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.