Statute of Limitations For Negotiable and Non-negotiable Promissory Notes to be on Par Effective July 1, 2012. 05.29.2010.

Senate Bill 2419 codifies Miss. Code Ann. Section 15-1-81 which makes the statute of limitations the same for negotiable and non-negotiable promissory notes. Effective July 1, 2012, the statue of limitations on such notes will be six years. Since Miss. Code Ann. Section 89-5-19 gives enforceability of a deed of trust the same statute of limitations as the secured obligation, third parties will be able to rely on the six year statue of limitations for deeds of trust securing the performance of notes. 05.29.2010.

Mississippi Legislature Confirms Holding in Feliciana Bank & Trust Co. v. Manuel & Sessions, L.L.C., 943 So.2d 736 (Miss. Ct. App. 2006). 05.29.2010.

Mississippi Legislature confirms holding in Feliciana Bank & Trust Co. v. Manuel & Sessions, L.L.C., 943 So.2d 736 (Miss. Ct. App. 2006). Senate Bill 2419 amends Miss. Code Ann. Section 75-2-107(3) to include the priority of previously recorded deeds of trust to goods severed from real estate making clear that perfected liens on personal property such as minerals and timber severed from real property follow such property in their severed state. 05.29.2010.

Private Transfer Fees Unenforcable. 05.29.2010

Effective July 1, 2010, Private Transfer Fees in Mississippi are generally unenforceable. House Bill 886 as sent to the Governor makes transfer fees to a third party in connection with the transfer of residential property unenforceable. 05.29.2010.