Mississippi Code
Miss. Code Ann. § 75-9-601 (2024)
Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes
✓ Justia copy: laws through about 2024 (2025 and 2026 sessions missing)
- (a) After default, a secured party has the rights provided in this part and, except as otherwise provided in Section 75-9-602, those provided by agreement of the parties. A secured party:
- (1) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
- (2) If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
- (b) A secured party in possession of collateral or control of collateral under Section 75-7-106, 75-9-104, 75-9-105, 75-9-106 or 75-9-107 has the rights and duties provided in Section 75-9-207.
- (c) The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.
- (d) Except as otherwise provided in subsection (g) and Section 75-9-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
- (e) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
- (1) The date of perfection of the security interest or agricultural lien in the collateral;
- (2) The date of filing a financing statement covering the collateral; or
- (3) Any date specified in a statute under which the agricultural lien was created.
- (f) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
- (g) Except as otherwise provided in Section 75-9-607(c), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Derived from former 1972 Code § 75-9-501 [Codes, 1942, § 41A:9-501; Laws, 1966, ch. 316, § 9-501; Laws, 1977, ch. 452, § 32] and enacted by Laws, 2001, ch. 495, § 1; Laws, 2006, ch. 527, § 70, eff. 7/1/2006.
Notes of Decisions
Cited in 6
cases (2 in the last 5 years), 2002–2023 · leading case: Burgess v. Bankplus, 830 So. 2d 1223 (Miss. 2002).
Burgess v. Bankplus, 830 So. 2d 1223 (Miss. 2002). “Miss.Code Ann. § 75-9-601 (2002). Further, the code states that after default, a secured party may sell, lease or other wise dispose of any or all of the collateral in its then condition or following any commercially reasonable preparation or processing.”
Miss. Com'n on Judical Perform. v. Osborne, 977 So. 2d 314 (Miss. 2008). “See Miss.Code Ann. §§ 75-9-601(a); 75-9-625 (Rev.”
Mississippi Comm'n on Jud. Performance v. Osborne, 977 So. 2d 314 (Miss. 2008). “See Miss.Code Ann. §§ 75-9-601(a); 75-9-625 (Rev.”
Fleisher v. S. AgCredit, 108 So. 3d 948 (Miss. Ct. App. 2012). “See Miss.Code Ann. § 75-9-601 (Supp.2011) (“After default, a secured party .”
North Am. Sav. Bank, F.S.B. v. Nelson, No. 3:21-cv-00184 (N.D. Miss. May 31, 2023). “Miss. Code Ann. § 75-9-601 (a)(1) (Rev. 2016); Devine v.”
Stanley Devine & Roger Beardain v. Cardinal Health 110, LLC, 350 So. 3d 1107 (Miss. Ct. App. 2022). “Woods’ sworn affidavit stated that Devine and Beardain signed the contract, including the guaranty, which would make them personally liable if PharmNet failed to pay.”
Miss. Code Ann. § 75-9-601(a): 2 cases
Miss. Com'n on Judical Perform. v. Osborne, 977 So. 2d 314 (Miss. 2008). “See Miss.Code Ann. §§ 75-9-601(a); 75-9-625 (Rev.”
Mississippi Comm'n on Jud. Performance v. Osborne, 977 So. 2d 314 (Miss. 2008). “See Miss.Code Ann. §§ 75-9-601(a); 75-9-625 (Rev.”
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