Senate Bill 2227

AN ACT TO AMEND SECTION 83-24-7, MISSISSIPPI CODE OF 1972, TO DEFINE THE TERM "FEDERAL HOME LOAN BANK"; TO AMEND SECTIONS 83-24-11 AND 83-24-29, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A FEDERAL HOME LOAN BANK SHALL NOT BE STAYED, ENJOINED, OR PROHIBITED FROM EXERCISING OR ENFORCING ANY RIGHT OR CAUSE OF ACTION REGARDING COLLATERAL PLEDGED UNDER A SECURITY AGREEMENT OR UNDER ANY PLEDGE AGREEMENT, SECURITY AGREEMENT, COLLATERAL AGREEMENT OR OTHER SIMILAR ARRANGEMENT OR CREDIT ENHANCEMENT RELATING TO A SECURITY AGREEMENT TO WHICH THE FEDERAL HOME LOAN BANK IS A PARTY; TO AMEND SECTION 83-24-41, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT NO LIQUIDATOR SHALL HAVE THE POWER TO DISAVOW, REJECT OR REPUDIATE ANY PLEDGE AGREEMENT, SECURITY AGREEMENT, COLLATERAL AGREEMENT OR OTHER SIMILAR AGREEMENT OR CREDIT ENHANCEMENT RELATING TO A SECURITY AGREEMENT TO WHICH A FEDERAL HOME LOAN BANK IS A PARTY; TO AMEND SECTION 83-24-51, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT, EXCEPT FOR IN LIMITED CIRCUMSTANCES, A RECEIVER SHALL NOT AVOID ANY TRANSFER OF, OR ANY OBLIGATION TO TRANSFER, MONEY OR ANY OTHER PROPERTY ARISING UNDER OR IN CONNECTION WITH A FEDERAL HOME LOAN BANK SECURITY AGREEMENT OR ANY PLEDGE AGREEMENT, SECURITY AGREEMENT, COLLATERAL AGREEMENT, GUARANTEE AGREEMENT, OR OTHER SIMILAR ARRANGEMENT OR CREDIT ENHANCEMENT RELATING TO A SECURITY AGREEMENT TO WHICH A FEDERAL HOME LOAN BANK IS A PARTY; TO AMEND SECTION 83-24-55, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A LIQUIDATOR OR REHABILITATOR SHALL NOT AVOID ANY PREFERENCE ARISING UNDER OR IN CONNECTION WITH A FEDERAL HOME LOAN BANK SECURITY AGREEMENT OR ANY PLEDGE AGREEMENT, SECURITY AGREEMENT, COLLATERAL AGREEMENT, GUARANTEE AGREEMENT, OR OTHER SIMILAR ARRANGEMENT OR CREDIT ENHANCEMENT RELATING TO A SECURITY AGREEMENT TO WHICH A FEDERAL HOME LOAN BANK IS A PARTY; TO CREATE NEW SECTION 83-24-119, MISSISSIPPI CODE OF 1972, TO PROVIDE CERTAIN REQUIREMENTS AND PROCEDURES OF FEDERAL HOME LOAN BANKS IF THE BANK EXERCISES CERTAIN RIGHTS; AND FOR RELATED PURPOSES.

In the Senate

• J. Walter Michel

  Sponsor

l9n doesn't hold this bill's text yet.

In the Senate Jan 13 – Feb 1

1. Jan 13Referred to the Senate committee on Insurance
2. Jan 26Reported from committee in the Senate: title sufficient, do pass
3. Feb 1Passed the Senate

In the House of Representatives Feb 2 – Feb 28

1. Feb 2Sent to the House
2. Feb 7Referred to the House committee on Insurance
3. Feb 23Reported from committee in the House: title sufficient, do pass
4. Feb 28Passed the House

To the Governor Mar 1 – Mar 10

1. Mar 1Returned to the Senate for enrolling
2. Mar 6Enrolled bill signed in the Senate
3. Mar 7Enrolled bill signed in the House
4. Mar 10Approved by the Governor