reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-602 - Waiver and variance of rights and duties

Except as otherwise provided in Section
75-9-624
, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(1)
Section
75-9-207(b)(4)(C)
, which deals with use and operation of the collateral by the secured party;
(2)
Section
75-9-210
, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3)
Section
75-9-607(c)
, which deals with collection and enforcement of collateral;
(4)
Sections
75-9-608(a)
and
75-9-615(c)
to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5)
Sections
75-9-608(a)
and
75-9-615(d)
to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6)
Section
75-9-609
to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
(7)
Sections
75-9-610(b)
,
75-9-611
,
75-9-613
, and
75-9-614
, which deal with disposition of collateral;
(8)
Section
75-9-615(f)
, which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(9)
Section
75-9-616
, which deals with explanation of the calculation of a surplus or deficiency;
(10)
Sections
75-9-620
,
75-9-621
, and
75-9-622
, which deal with acceptance of collateral in satisfaction of obligation;
(11)
Section
75-9-623
, which deals with redemption of collateral;
(12)
Section
75-9-624
, which deals with permissible waivers; and
(13)
Sections
75-9-625
and
75-9-626
, which deal with the secured party's liability for failure to comply with this article.
Derived from former 1972 Code §
75-9-501
[Codes, 1942, § 41A:9-501; Laws, 1966, ch. 316, § 9-501; Laws, 1977, ch. 452, § 32, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-603 - Agreement on standards concerning rights and duties

(a)
The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Section
75-9-602
if the standards are not manifestly unreasonable.
(b)
Subsection (a) does not apply to the duty under Section
75-9-609
to refrain from breaching the peace.
Derived from former 1972 Code §
75-9-501
[Codes, 1942, § 41A:9-501; Laws, 1966, ch. 316, § 9-501; Laws, 1977, ch. 452, § 32, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-604 - Procedure if security agreement covers real property or fixtures

(a)
If a security agreement covers both personal and real property, a secured party may proceed:
(1)
Under this part as to the personal property without prejudicing any rights with respect to the real property; or
(2)
As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
(b)
Subject to subsection (c), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1)
Under this part; or
(2)
In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(c)
Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(d)
A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Derived from former 1972 Code §§
75-9-501
[Codes, 1942, § 41A:9-501; Laws, 1966, ch. 316, § 9-501; Laws, 1977, ch. 452, § 32, eff. 4/1/1978] and
75-9-313
[Codes, 1942, § 41A:9-313; Laws, 1966, ch. 316, § 9-313; Laws, 1968, ch. 488, § 1; Laws, 1977, ch. 452, § 22; Laws, 1992, ch. 303, § 1, eff. 7/1/1992] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-605 - Unknown debtor or secondary obligor

A secured party does not owe a duty based on its status as secured party:
(1)
To a person that is a debtor or obligor, unless the secured party knows:
(A)
That the person is a debtor or obligor;
(B)
The identity of the person; and
(C)
How to communicate with the person; or
(2)
To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A)
That the person is a debtor; and
(B)
The identity of the person.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-606 - Time of default for agricultural lien

For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-607 - Collection and enforcement by secured party

(a)
If so agreed, and in any event after default, a secured party:
(1)
May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(2)
May take any proceeds to which the secured party is entitled under Section
75-9-315
;
(3)
May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(4)
If it holds a security interest in a deposit account perfected by control under Section
75-9-104(a)(1)
, may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5)
If it holds a security interest in a deposit account perfected by control under Section
75-9-104(a)(2) or (3)
, may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b)
If necessary to enable a secured party to exercise under subsection (a)(3) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:
(1)
A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2)
The secured party's sworn affidavit in recordable form stating that:
(A)
A default has occurred with respect to the obligation secured by the mortgage; and
(B)
The secured party is entitled to enforce the mortgage nonjudicially.
(c)
A secured party shall proceed in a commercially reasonable manner if the secured party:
(1)
Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2)
Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d)
A secured party may deduct from the collections made pursuant to subsection (c) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.
(e)
This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
Derived from former 1972 Code §
75-9-502
[Codes, 1942, § 41A:9-502; Laws, 1966, ch. 316, § 9-502; Laws, 1977, ch. 452, § 33, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Amended by Laws, 2013, ch. 451, SB 2609, 19, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-608 - Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

(a)
If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1)
A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under Section
75-9-607
in the following order to:
(A)
The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(B)
The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C)
The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2)
If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under paragraph (1)(C).
(3)
A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under Section
75-9-607
unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4)
A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b)
If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
Derived from former 1972 Code §
75-9-502
[Codes, 1942, § 41A:9-502; Laws, 1966, ch. 316, § 9-502; Laws, 1977, ch. 452, § 33, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-609 - Secured party's right to take possession after default

(a)
After default, a secured party:
(1)
May take possession of the collateral; and
(2)
Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under Section
75-9-610
.
(b)
A secured party may proceed under subsection (a):
(1)
Pursuant to judicial process; or
(2)
Without judicial process, if it proceeds without breach of the peace.
(c)
If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
Derived from former 1972 Code §
75-9-503
[Codes, 1942, § 41A:9-503; Laws, 1966, ch. 316, § 9-503, eff. 3/31/1968] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-610 - Disposition of collateral after default

(a)
After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(b)
Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c)
A secured party may purchase collateral:
(1)
At a public disposition; or
(2)
At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d)
A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e)
A secured party may disclaim or modify warranties under subsection (d):
(1)
In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2)
By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f)
A record is sufficient to disclaim warranties under subsection (e) if it indicates "There is no warranty relating to title, possession, quiet enjoyment or the like in this disposition" or uses words of similar import.
Derived from former 1972 Code §
75-9-504
[Codes, 1942, § 41A:9-504; Laws, 1966, ch. 316, § 9-504; Laws, 1970, ch. 272, § 1; Laws, 1977, ch. 452, § 34, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-611 - Notification before disposition of collateral

(a)
In this section, "notification date" means the earlier of the date on which:
(1)
A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(2)
The debtor and any secondary obligor waive the right to notification.
(b)
Except as otherwise provided in subsection (d), a secured party that disposes of collateral under Section
75-9-610
shall send to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c)
To comply with subsection (b), the secured party shall send an authenticated notification of disposition to:
(1)
The debtor;
(2)
Any secondary obligor; and
(3)
If the collateral is other than consumer goods:
(A)
Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B)
Any other secured party or lienholder that, ten (10) days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i)
Identified the collateral;
(ii)
Was indexed under the debtor's name as of that date; and
(iii)
Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C)
Any other secured party that, ten (10) days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in Section
75-9-311(a)
.
(d)
Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e)
A secured party complies with the requirement for notification prescribed by subsection (c)(3)(B) if:
(1)
Not later than twenty (20) days or earlier than thirty (30) days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c)(3)(B); and
(2)
Before the notification date, the secured party:
(A)
Did not receive a response to the request for information; or
(B)
Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
Derived from former 1972 Code §
75-9-504
[Codes, 1942, § 41A:9-504; Laws, 1966, ch. 316, § 9-504; Laws, 1970, ch. 272, § 1; Laws, 1977, ch. 452, § 34, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-612 - Timeliness of notification before disposition of collateral

(a)
Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b)
A notification of disposition sent after default and ten (10) days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-613 - Contents and form of notification before disposition of collateral: general

Except in a consumer-goods transaction, the following rules apply:
(1)
The contents of a notification of disposition are sufficient if the notification:
(A)
Describes the debtor and the secured party;
(B)
Describes the collateral that is the subject of the intended disposition;
(C)
States the method of intended disposition;
(D)
States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E)
States the time and place of a public disposition or the time after which any other disposition is to be made.
(2)
Whether the contents of a notification that lacks any of the information specified in paragraph (1) are nevertheless sufficient is a question of fact.
(3)
The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes:
(A)
Information not specified by that paragraph; or
(B)
Minor errors that are not seriously misleading.
(4)
A particular phrasing of the notification is not required.
(5)
The following form of notification and the form appearing in Section
75-9-614(3)
, when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: [Name of debtor, obligor or other
person to which the notification
is sent]
From: [Name, address and telephone number
of secured party]
Name of Debtor(s): [Include only if debtor(s) are not
an addressee]
[For a public disposition:]
We will sell (or lease or license, as applicable) the [describe collateral] to the highest qualified bidder in public as follows:
Day and Date: ____________________
Time: ____________________
Place: ____________________
[For a private disposition:]
We will sell (or lease or license, as applicable), the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell (or lease or license, as applicable) (for a charge of $____________________). You may request an accounting by calling us at [telephone number].
[END OF FORM]
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-617 - Rights of transferee of collateral

(a)
A secured party's disposition of collateral after default:
(1)
Transfers to a transferee for value all of the debtor's rights in the collateral;
(2)
Discharges the security interest under which the disposition is made; and
(3)
Discharges any subordinate security interest or other subordinate lien.
(b)
A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this article or the requirements of any judicial proceeding.
(c)
If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:
(1)
The debtor's rights in the collateral;
(2)
The security interest or agricultural lien under which the disposition is made; and
(3)
Any other security interest or other lien.
Derived from former 1972 Code §
75-9-504
[Codes, 1942, § 41A:9-504; Laws, 1966, ch. 316, § 9-504; Laws, 1970, ch. 272, § 1; Laws, 1977, ch. 452, § 34, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-618 - Rights and duties of certain secondary obligors

(a)
A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1)
Receives an assignment of a secured obligation from the secured party;
(2)
Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3)
Is subrogated to the rights of a secured party with respect to collateral.
(b)
An assignment, transfer, or subrogation described in subsection (a):
(1)
Is not a disposition of collateral under Section
75-9-610
; and
(2)
Relieves the secured party of further duties under this article.
Derived from former 1972 Code §
75-9-504
[Codes, 1942, § 41A:9-504; Laws, 1966, ch. 316, § 9-504; Laws, 1970, ch. 272, § 1; Laws, 1977, ch. 452, § 34, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-619 - Transfer of record or legal title

(a)
In this section, "transfer statement" means a record authenticated by a secured party stating:
(1)
That the debtor has defaulted in connection with an obligation secured by specified collateral;
(2)
That the secured party has exercised its post-default remedies with respect to the collateral;
(3)
That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4)
The name and mailing address of the secured party, debtor, and transferee.
(b)
A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1)
Accept the transfer statement;
(2)
Promptly amend its records to reflect the transfer; and
(3)
If applicable, issue a new appropriate certificate of title in the name of the transferee.
(c)
A transfer of the record or legal title to collateral to a secured party under subsection (b) or otherwise is not of itself a disposition of collateral under this article and does not of itself relieve the secured party of its duties under this article.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-621 - Notification of proposal to accept collateral

(a)
A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1)
Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(2)
Any other secured party or lienholder that, ten (10) days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A)
Identified the collateral;
(B)
Was indexed under the debtor's name as of that date; and
(C)
Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3)
Any other secured party that, ten (10) days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in Section
75-9-311(a)
.
(b)
A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a).
Derived from former 1972 Code §
75-9-505
[Codes, 1942, § 41A:9-505; Laws, 1966, ch. 316, § 9-505; Laws, 1977, ch. 452, § 35, eff. 4/1/1978] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-622 - Effect of acceptance of collateral

(a)
A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1)
Discharges the obligation to the extent consented to by the debtor;
(2)
Transfers to the secured party all of a debtor's rights in the collateral;
(3)
Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4)
Terminates any other subordinate interest.
(b)
A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this article.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-623 - Right to redeem collateral

(a)
A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b)
To redeem collateral, a person shall tender:
(1)
Fulfillment of all obligations secured by the collateral then due or past due (excluding any sums that would not be due except for an acceleration provision); and
(2)
The reasonable expenses and attorney's fees described in Section
75-9-615(a)(1)
.
(c)
A redemption may occur at any time before a secured party:
(1)
Has collected collateral under Section
75-9-607
;
(2)
Has disposed of collateral or entered into a contract for its disposition under Section
75-9-610
; or
(3)
Has accepted collateral in full or partial satisfaction of the obligation it secures under Section
75-9-622
.
Derived from former 1972 Code §
75-9-506
[Codes, 1942, § 41A:9-506; Laws, 1966, ch. 316, § 9-506, eff. 3/31/1968] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 75-9-601 — 75-9-624) › Section 75-9-624 - Waiver

(a)
A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section
75-9-611
only by an agreement to that effect entered into and authenticated after default.
(b)
A debtor may waive the right to require disposition of collateral under Section
75-9-620(e)
only by an agreement to that effect entered into and authenticated after default.
(c)
Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under Section
75-9-623
only by an agreement to that effect entered into and authenticated after default.
Derived from former 1972 Code §§
75-9-504
[Codes, 1942, § 41A:9-504; Laws, 1966, ch. 316, § 9-504; Laws, 1970, ch. 272, § 1; Laws, 1977, ch. 452, § 34, eff. 4/1/1978],
75-9-505
[Codes, 1942, § 41A:9-505; Laws, 1966, ch. 316, § 9-505; Laws, 1977, ch. 452, § 35, eff. 4/1/1978], and
75-9-506
[Codes, 1942, § 41A:9-506; Laws, 1966, ch. 316, § 9-506, eff. 3/31/1968] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 2 - NONCOMPLIANCE WITH ARTICLE (§§ 75-9-625 — 75-9-628) › Section 75-9-626 - Action in which deficiency or surplus is in issue

In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:
(1)
A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(2)
If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
(3)
Except as otherwise provided in Section
75-9-628
, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
(A)
The proceeds of the collection, enforcement, disposition, or acceptance; or
(B)
The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(4)
For purposes of paragraph (3)(B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.
(5)
If a deficiency or surplus is calculated under Section
75-9-615(f)
, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 2 - NONCOMPLIANCE WITH ARTICLE (§§ 75-9-625 — 75-9-628) › Section 75-9-627 - Determination of whether conduct was commercially reasonable

(a)
The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b)
A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1)
In the usual manner on any recognized market;
(2)
At the price current in any recognized market at the time of the disposition; or
(3)
Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c)
A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1)
In a judicial proceeding;
(2)
By a bona fide creditors' committee;
(3)
By a representative of creditors; or
(4)
By an assignee for the benefit of creditors.
(d)
Approval under subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
Derived from former 1972 Code §
75-9-507
[Codes, 1942, § 41A:9-507; Laws, 1966, ch. 316, § 9-507, eff. 3/31/1968] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 6 - DEFAULT (§§ 75-9-601 — 75-9-628) › Subpart 2 - NONCOMPLIANCE WITH ARTICLE (§§ 75-9-625 — 75-9-628) › Section 75-9-628 - Nonliability and limitation on liability of secured party; liability of secondary obligor

(a)
Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1)
The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this article; and
(2)
The secured party's failure to comply with this article does not affect the liability of the person for a deficiency.
(b)
A secured party is not liable because of its status as secured party:
(1)
To a person that is a debtor or obligor, unless the secured party knows:
(A)
That the person is a debtor or obligor;
(B)
The identity of the person; and
(C)
How to communicate with the person; or
(2)
To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A)
That the person is a debtor; and
(B)
The identity of the person.
(c)
A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1)
A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2)
An obligor's representation concerning the purpose for which a secured obligation was incurred.
(d)
A secured party is not liable to any person under Section
75-9-625(c)(2)
for its failure to comply with Section
75-9-616
.
(e)
A secured party is not liable under Section
75-9-625(c)(2)
more than once with respect to any one (1) secured obligation.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 7 - TRANSITION (§§ 75-9-701 — 75-9-710) › Section 75-9-701 - Definitions

(1)
References in Part 7 to "this act" refer to the legislative enactment by which this part is added to Article 9 of the Uniform Commercial Code.
(2)
References in this part to "former Article 9" are to Article 9 found in Chapter 9 of Title 75 as in effect on December 31, 2001.
Laws, 2001, ch. 495, § 1; Laws, 2002, ch. 453, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 7 - TRANSITION (§§ 75-9-701 — 75-9-710) › Section 75-9-702 - Savings clause

(a)
Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before January 1, 2002.
(b)
Except as otherwise provided in subsection (c) and Sections
75-9-703
through
75-9-709
:
(1)
Transactions and liens that were not governed by former Article 9, were validly entered into or created before January 1, 2002, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after January 1, 2002; and
(2)
The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(c)
This act does not affect an action, case, or proceeding commenced before January 1, 2002.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 7 - TRANSITION (§§ 75-9-701 — 75-9-710) › Section 75-9-703 - Security interest perfected before effective date

(a)
A security interest that is enforceable immediately before January 1, 2002 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, on January 1, 2002, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(b)
Except as otherwise provided in Section
75-9-705
, if, immediately January 1, 2002, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied on January 1, 2002, the security interest:
(1)
Is a perfected security interest for one (1) year after January 1, 2002;
(2)
Remains enforceable thereafter only if the security interest becomes enforceable under Section
75-9-203
before the year expires; and
(3)
Remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 7 - TRANSITION (§§ 75-9-701 — 75-9-710) › Section 75-9-704 - Security interest unperfected before effective date

A security interest that is enforceable immediately before January 1, 2002 but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1)
Remains an enforceable security interest for one (1) year after January 1, 2002;
(2)
Remains enforceable thereafter if the security interest becomes enforceable under Section
75-9-203
on January 1, 2002 or within one (1) year thereafter; and
(3)
Becomes perfected:
(A)
Without further action, on January 1, 2002 if the applicable requirements for perfection under this act are satisfied before or at that time; or
(B)
When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 7 - TRANSITION (§§ 75-9-701 — 75-9-710) › Section 75-9-706 - When initial financing statement suffices to continue effectiveness of financing statement

(a)
The filing of an initial financing statement in the office specified in Section
75-9-501
continues the effectiveness of a financing statement filed before January 1, 2002 if:
(1)
The filing of an initial financing statement in that office would be effective to perfect a security interest under this act;
(2)
The pre-effective-date financing statement was filed in an office in another state or another office in this state; and
(3)
The initial financing statement satisfies subsection (c).
(b)
The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
(1)
If the initial financing statement is filed before January 1, 2002, for the period provided in former Section
75-9-403
with respect to a financing statement; and
(2)
If the initial financing statement is filed after January 1, 2002, for the period provided in Section
75-9-515
with respect to an initial financing statement.
(c)
To be effective for purposes of subsection (a), an initial financing statement must:
(1)
Satisfy the requirements of Part 5 for an initial financing statement;
(2)
Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3)
Indicate that the pre-effective-date financing statement remains effective.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 7 - TRANSITION (§§ 75-9-701 — 75-9-710) › Section 75-9-707 - Amendment of pre-effective-date financing statement

(a)
In this section, "pre-effective-date financing statement" means a financing statement filed before January 1, 2002.
(b)
After January 1, 2002, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c)
Except as otherwise provided in subsection (d), if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after January 1, 2002 only if:
(1)
The pre-effective-date financing statement and an amendment are filed in the office specified in Section
75-9-501
;
(2)
An amendment is filed in the office specified in Section
75-9-501
concurrently with, or after the filing in that office of, an initial financing statement that satisfies Section
75-9-706(c)
; or
(3)
An initial financing statement that provides the information as amended and satisfies Section
75-9-706(c)
is filed in the office specified in Section
75-9-501
.
(d)
If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under Section
75-9-705(d) and (f)
or
75-9-706
.
(e)
Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after January 1, 2002 by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies Section
75-9-706(c)
has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 as the office in which to file a financing statement.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 9 - UNIFORM COMMERCIAL CODE-SECURED TRANSACTIONS (§§ 75-9-101 — 75-9-809) › Part 7 - TRANSITION (§§ 75-9-701 — 75-9-710) › Section 75-9-708 - Persons entitled to file initial financing statement or continuation statement

A person may file an initial financing statement or a continuation statement under this part if:
(1)
The secured party of record authorizes the filing; and
(2)
The filing is necessary under this part:
(A)
To continue the effectiveness of a financing statement filed before January 1, 2002; or
(B)
To perfect or continue the perfection of a security interest.
Laws, 2001, ch. 495, § 1, eff. 1/1/2002.