{"data":{"id":"us-ms/miss.-code-ann.-75-9-620","jurisdiction":"us-ms","citation":"Miss. Code Ann. § 75-9-620","heading":"Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.","body":"(a) 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:\n(1) The debtor consents to the acceptance under subsection (c);\n(2) The secured party does not receive, within the time set forth in subsection (d), a notification of objection to the proposal authenticated by:\n(A) A person to which the secured party was required to send a proposal under Section 75-9-621; or\n(B) 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;\n(3) If the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and\n(4) 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.\n(b) A purported or apparent acceptance of collateral under this section is ineffective unless:\n(1) The secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and\n(2) The conditions of subsection (a) are met.\n(c) For purposes of this section:\n(1) 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\n(2) 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:\n(A) 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;\n(B) In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and\n(C) Does not receive a notification of objection authenticated by the debtor within twenty (20) days after the proposal is sent.\n(d) To be effective under subsection (a)(2), a notification of objection must be received by the secured party:\n(1) 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\n(2) In other cases:\n(A) Within twenty (20) days after the last notification was sent pursuant to Section 75-9-621; or\n(B) If a notification was not sent, before the debtor consents to the acceptance under subsection (c).\n(e) 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:\n(1) Sixty percent (60%) of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or\n(2) 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.\n(f) To comply with subsection (e), the secured party shall dispose of the collateral:\n(1) Within ninety (90) days after taking possession; or\n(2) 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.\n(g) In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures.","path":["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."],"source_url":"https://archive.org/download/gov.ms.code.ann.2018/release78.2020.07.08/gov.ms.code.title.75.odt","current_through":"2020-07-08","vintage":"Mississippi Code Release 78 (2020-07), retrieved 2026-09-17","retrieved_at":"2026-10-27T05:54:13Z","sha256":"7353ce49f10b7052b53652e14ba17a341dc35c6f654c62d50edd5fd38f75df09","source_id":"us-ms","stale":false,"prev":"us-ms/miss.-code-ann.-75-9-619","next":"us-ms/miss.-code-ann.-75-9-621","notices":[{"id":"open-us-law","title":"Open US Law compilation","text":"Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text.","url":"https://huggingface.co/datasets/vaquill/open-us-law","license_url":"https://creativecommons.org/licenses/by/4.0/"},{"id":"pro-ms","title":"Mississippi Release 78 supplement","text":"Mississippi electronic product files were republished by Public.Resource.Org under a public-domain dedication. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows.","url":"https://archive.org/details/gov.ms.code.ann.2018"}]},"notice":"GroundRules: Original legal text. Not legal advice."}