71-3-1212. Priority.
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/mt/title-71/chapter-3/part-12/71-3-1212·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
71-3-1212 . Priority .
(1)An agister's lien created under 71-3-1211 does not take precedence over perfected security interests under the Uniform Commercial Code--Secured Transactions or other recorded liens on the stock involved unless, within 30 days from the time of receiving the stock, the person desiring to assert a lien upon the stock gives notice in writing to the secured party or other lienholder stating the intention to assert a lien on the stock under the terms of 71-3-1211 through 71-3-1214 and stating the nature and approximate amount of the work performed or feed furnished or other services furnished or intended to be performed or furnished.
(2)A new notice is not required for the offspring of the stock covered in the initial notice, but all other additional stock must be noticed separately.
(3)Service may be made either by personal service or by mailing a copy of the notice by certified mail to the secured party or other lienholder at the last-known post-office address. Service is considered complete upon the deposit of the notice in the post office.
(4)Within 20 days after the date of mailing or 10 days after personal service, the secured party or other lienholder or the secured party's or other lienholder's representative has the right to take possession of the stock upon payment of the amount of the lien. A failure on the part of the secured party or other lienholder to take possession of the stock constitutes a waiver of the priority of the security interest or other lien over the lien created by 71-3-1211 through 71-3-1214 .