(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 75-8-106.(b) A secured party has control of a commodity contract if:(1) The secured party is the commodity intermediary with which the commodity contract is carried; or(2) The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.Former 1972 Code § 75-9-106 [Codes, 1942, § 41A:9-106; Laws, 1966, ch. 316, § 9-106; Laws, 1977, ch. 452, § 9; Laws, 1996, ch. 460, § 24; Laws, 1996, ch. 468, § 58] is now found in comparable provisions enacted at § 75-9-102 by Laws, 2001, ch. 495, § 1. Present § 75-9-106 derived from 1972 Code § 75-8-106 [Laws, 1996, ch. 468, § 7] and former 1972 Code § 75-9-115 [Laws, 1996, ch. 468, § 59] and was enacted by Laws, 2001, ch. aws, 2001, ch. 495, § 1. Present § 75-9-106 derived from 1972 Code § 75-8-106 [Laws, 1996, ch. 468, § 7] and former 1972 Code § 75-9-115 [Laws, 1996, ch. 468, § 59] and was enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Legal Code