MS SB2419

Enacts Revised Article 1 (General Provisions) of the Uniform Commercial Code with updated definitions, scope provisions, and principles of interpretation to conform Mississippi law to the 2001 ULC model.

Creates six-year statute of limitations for nonnegotiable promissory notes, effective July 1, 2012, distinguishing between notes payable at definite time and notes payable on demand.

Amends consumer warranty protections to ensure Mississippi law governs disclaimers and limitations on implied warranties of merchantability and fitness for consumer goods, preventing circumvention through choice-of-law provisions.

Updates numerous UCC articles (2, 2A, 3, 4, 4A, 5, 7, 8, 9) with conforming amendments including new definitions, references to "records" and electronic communications, and remotely created check provisions.

Adds enforcement provisions for partnership and limited partnership agreements restricting assignments of interests, exempting them from UCC security interest rules.