89-5-15 - Transfer of record; debt to be noted on record. - Mississippi Statutes

§ 89-5-15. Transfer of record; debt to be noted on record.
 

Except as provided in Section 89-5-37, Mississippi Code of 1972, when the indebtedness, or any part thereof, secured by a mortgage, deed of trust, or other lien of record shall be assigned by the person appearing by the record to be the creditor, he shall be required by the assignee to enter the fact of the assignment on the margin of the record of the lien; and in default of making such entry, any satisfaction or cancellation of the lien or instrument evidencing it entered by the original creditor shall release the same as to subsequent creditors and purchasers for value without notice, unless the assignment be by writing duly acknowledged and filed for record; and every assignment by an assignee of any such lien shall be entered in like manner and with like effect in case of failure. 
 

Sources: Codes, 1892, § 2461; 1906, § 2794; Hemingway's 1917, § 2295; 1930, § 2150; 1942, § 871; Laws, 1988, ch. 428, § 3, eff from and after passage (approved April 23, 1988).