SB2856

Mississippi SB2856 prohibits perfecting a security interest in a motor vehicle while it is subject to a statutory possessory lien.

Mississippi SB2856 amends the state's motor vehicle laws to prevent the perfection of a security interest in a motor vehicle while it is subject to a valid statutory possessory lien. The bill requires a secured party seeking to perfect a security interest to certify to the Department of Revenue that no such possessory lien exists or obtain written consent from the holder of the lien. Any security interest filed in violation of this provision will be unperfected against the holder of the possessory lien and subordinate in priority to that lien.