Article 9 of the Uniform Commercial Code (“UCC”) governs security interests in personal property. So when a borrower (a “debtor” under Article 9) grants a security interest to a lender (a “secured party” under Article 9) to secure a loan, Article 9 provides the governing law. In 2010 the National Conference of Commissioners of Uniform State Laws and the American Law Institute, with participation by the American Bar Association, adopted amendments (“2010 Amendments”) to Article 9. The Mississippi Legislature, in its regular 2013 session, adopted the 2010 Amendments in Senate Bill No. 2609 (“S.B. 2609”). S.B. 2609 was signed by Governor Bryant and becomes effective on July 1, 2013.
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