Agricultural Liens – Mississippi Central Filing System Regulations for Farm Products

Agricultural Liens – Mississippi Central Filing System Regulations for Farm Products. A. Summary of Agricultural Central Filing System – The Mississippi Secretary of State prescribes regulations for implementation and management of a “Central Filing System” for an “effective financing statement” as defined in Chapter of these regulations. 1. Supplementary Information – Section 1324 of the Food Security Act of 1985, P.L. 99-198 (hereinafter “The Food Security Act”), is headed “Protection For Purchasers of Farm Products.” Subsections (e) and (q) of the Food Security Act provide that certain persons may be made subject to a security interest in a Farm Product created by the seller under certain circumstances including the existence of a statewide “central filing system” for an “effective financing statement.” Part three of Senate Bill 2626 (2001 Mississippi Legislative Session), Mississippi Code § 75-9-320(g) provides; “The Secretary of State shall issue regulations implementing a central filing system relating to farm products.” These regulations set forth requirements for the implementation of the Central Filing System. This document is believed and intended to be in full compliance with the regulations promulgated by the United States Department of Agriculture in accordance with the Food Security Act for certification of the Central Filing System. The Secretary of State’s authority and responsibility is limited to the implementation and management of the Central Filing System. The Secretary of State’s authority does not extend to other matters under the section. The legislation does not give the Secretary any authority or responsibility relating to such matters and direct notification by secured parties, sales and payment for products, standards for making checks payable, and procedures for personal liability protection. These regulation are subject to changes to reflect amendments to federal Law/or federal regulations. B. Reserved C. Effective Financing Statement (EFS) for Farm Product Filings – The Mississippi UCC- 1F is designated as the official form to be used as an effective financing statement. The UCC-1F contains all information required under state law (Mississippi Code § 75-9-502) for filing financing statements. Additionally, the UCC-1F captures the information required for filing an effective financing statement in the central filing system. For filing efficiency and to eliminate a duplicate filing requirement, all Farm Products should be submitted for filing on the UCC-1F financing statement. Forms including the Mississippi UCC-1F, Mississippi UCC-3F, National UCC-5, and National UCC-11 forms will be used for the Central Filing System. Other documents containing information which complies with Mississippi law and § 1324 of the Food Security Act of 1985 will be accepted for filing. 1. Farm Filing EFS Requirements a. Debtor name and address (or other person subjecting the farm product to the security interest). In the case of a natural person, the surname (last name or family name) must appear first; in the case of a corporation or other entity not a natural person, the name must appear beginning with the first word not an article; b. Debtor’s social security number or, if other than a natural person, IRS taxpayer identification ; c. Secured party name an address; d. Crop year unless every crop of the Farm Product in question, for the duration of the EFS, is to be subject to the particular security interest; e. Farm Product name and Farm Product code as published by the Mississippi Secretary of State (Attached as Appendix “A”) and is included in the online filing system. f. Each county code number in the state where the Farm Product is produced or to be produced. County Codes are found in Appendix “B” attached and are included in the online filing system. g. Signature of debtor and secured party if submitted non-electronically until July 1, 2017. Beginning July 1, 2017 the Mississippi Secretary of State will accept electronic filing of UCC statements for farm liens, and will accept an electronic reproduced copy of a statement and paper copies produced by the Secretary of State’s electronic filing system pursuant to