75-67-407 - Information to be included on title pledge transaction forms. - Mississippi Statutes

§ 75-67-407. Information to be included on title pledge transaction forms.
 

(1)  The following information shall also be printed on all title pledge transaction forms: 

(a) The name and address of the title pledge office. 

(b) The statement that: 

(i) The pledgor is not obligated to redeem the pledged certificate of title; 

(ii) If the pledgor does not redeem the pledged certificate of title on or before the maturity date of the title pledge agreement, the title pledge lender may take possession of the titled personal property to which the certificate of title relates; 

(iii) If the pledgor does not redeem the pledged property within thirty (30) days of the maturity date by paying all outstanding principal, interest and other fees, then the pledgor forfeits all right, title and interest in and to the titled personal property and the pledged property to the title pledge lender, who shall thereby acquire an absolute right of title and ownership to the titled personal property; and 

(iv) If this title pledge transaction form is lost, destroyed or stolen, the pledgor shall immediately advise the issuing title pledge lender. 

(c) The statement that "The pledgor represents and warrants that the titled personal property to which the pledged property relates is not stolen, it has no liens or encumbrances against it, and the pledgor has the right to enter into this transaction." 

(d) Immediately above the signature of the pledgor or seller, the statement that "I, the pledgor declare under penalty of perjury that I have read the foregoing document and that, to the best of my knowledge and belief, the facts contained in it are true and correct." 

(e) A blank line for the signature of the pledgor. 

(2)  At the time of the transaction, the title pledge lender shall deliver to the pledgor a copy of the completed title pledge transaction form. 
 

Sources: Laws,  1997, ch. 610, § 5, eff from and after passage (approved April 22, 1997).