MS Code § 75-9-620 (2020)
2020 Mississippi Code|Title 75 - Regulation of Trade, Commerce and Investments|Chapter 9 - Uniform Commercial Code-Secured Transactions|Part 6 - . Default|Subpart 1 - Default and Enforcement of Security Interest|§ 75-9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral

 Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if:    The debtor consents to the acceptance under subsection (c);   The secured party does not receive, within the time set forth in subsection (d), a notification of objection to the proposal authenticated by:   If the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and   Subsection (e) does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to Section 75-9-624.    A person to which the secured party was required to send a proposal under Section 75-9-621; or   Any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal;   A purported or apparent acceptance of collateral under this section is ineffective unless:   The secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and   The conditions of subsection (a) are met.   For purposes of this section:   A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default; and   A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party:   Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;   In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and   Does not receive a notification of objection authenticated by the debtor within twenty (20) days after the proposal is sent.   To be effective under subsection (a)(2), a notification of objection must be received by the secured party:   In the case of a person to which the proposal was sent pursuant to Section 75-9-621, within twenty (20) days after notification was sent to that person; and   In other cases:   Within twenty (20) days after the last notification was sent pursuant to Section 75-9-621; or   If a notification was not sent, before the debtor consents to the acceptance under subsection (c).   A secured party that has taken possession of collateral shall dispose of the collateral pursuant to Section 75-9-610 within the time specified in subsection (f) if:   Sixty percent (60%) of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or   Sixty percent (60%) of the principal amount of the obligation secured has been paid in the case of a nonpurchase-money security interest in consumer goods.   To comply with subsection (e), the secured party shall dispose of the collateral:   Within ninety (90) days after taking possession; or   Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and authenticated after default.   In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures.