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MS SB2856
Bill
AI Summary
- Prohibits perfection of a security interest in a motor vehicle while the vehicle is subject to a valid statutory possessory lien, including mechanic's liens and towing company liens
- Requires secured parties seeking to perfect a security interest to certify to the Mississippi Department of Revenue that no possessory lien exists, or obtain written consent from the possessory lienholder
- Any security interest filed in violation of this requirement is unperfected against the possessory lienholder and subordinate in priority to that lien
- Amends Section 63-21-43 of the Mississippi Code of 1972 governing motor vehicle title and security interest perfection procedures
- Effective date: July 1, 2026
Legislative Description
Motor vehicles; prevent perfection of security interest in when subject to statutory possessory lien.
Last Action
Died In Committee
2/3/2026
Committee Referrals
Finance1/19/2026
Full Bill Text
No bill text available