35 Miss. Code. R. 7-06-02-101
Current through October 31, 2024
When a motor vehicle is leased under a conditional sales agreement with the right of purchase or immediate right of possession available upon performance of the conditions stated in the agreement, the lessor is considered the owner and the registration and title will be issued in the name of the lessor in care of the lessee. The lessor of the vehicle is recorded on the certificate of title as first lienholder. If the lessor has given a security interest in the vehicle to a lender, the lender will be listed as the second lienholder. This type lease will be referred to as a Purchase Lease.
35 Miss. Code. R. 7-06-02-101