Where there is a series of notes or installment payments secured by a deed of trust, mortgage or other lien, and a provision is inserted in such instrument to secure them to the effect that upon a failure to pay any one (1) note or installment, or the interest thereon, or any part thereof, or for failure to pay taxes or insurance premiums on the property described in such instrument and the subject of such lien, that all the debt secured thereby should become due and collectible, and for any such reason the entire indebtedness shall have been put in default or declared due, the debtor, or any interested party, may at any time before a sale be made under the terms and provisions of such instrument, or by virtue of such lien, stop a threatened sale under the powers contained in such instrument or stop any proceeding in any court to enforce such lien by paying the amount of the note or installment then due or past due by its terms, with all accrued costs, attorneys' fees and trustees' fees on the amount actually past due by the terms of such instrument or lien, rather than the amount accelerated, and such taxes or insurance premiums due and not paid, with proper interest thereon, if such should have been paid by any interested party to such instrument. Any such payment or payments shall reinstate, according to the terms of such instrument, the amount so accelerated, the same as if such amount not due by its terms had not been accelerated or put in default.
Codes, 1930, § 2170; 1942, § 892; Laws, 1924, ch. 157; Laws, 1975, ch. 414, eff. 3/25/1975.
Notes of Decisions
James D. Hobson, Jr. v. Chase Home Fin., L.L.C., 179 So. 3d 1026 (Miss. 2015).
· cites it 3× “1989) (quoting Miss.Code Ann. § 89-1-59 (Supp.1988)). However, “[p]arties to such secured transactions may ordinarily contract as they wish with regard to 'trustee’s fees and attorney’s fees.”
Dungan v. Dick Moore, Inc., 463 So. 2d 1094 (Miss. 1985).
· cites it 2× “Prior to the June 3 hearing, the Dungans, purporting to act under the authority of Miss. Code Ann. § 89-1-59 (Supp. 1984), tendered to Moore all amounts due and owing as of that date under the retail installment contract.”
Martin v. USDA Rural Hous. Serv. (In Re Martin), 276 B.R. 552 (Bankr. N.D. Miss. 2001).
· cites it 3× “” This statute provides that where a series of notes or installment payments are secured by a deed of trust, mortgage, or other lien, and the debt has become accelerated by default or is otherwise due and payable, the debtor, or any interested party, may at any time “before a…”
Fouche' v. Shapiro & Massey L.L.P., 575 F. Supp. 2d 776 (S.D. Miss. 2008).
“See Miss.Code Ann. § 89-1-59. Such notice was necessary to foreclose under the deed of trust.”
Anderson v. Kimbrough, 741 So. 2d 1041 (Miss. Ct. App. 1999).
“In summary, once the chancellor properly found that the transaction's purpose was to permit the acquiring of a loan, he erred by the orders that flowed from that finding. Anderson was the grantor in an absolute deed that was in fact only a mortgage.”
Rankin Props., Ltd. v. Woodhollow Estates, 714 F. Supp. 800 (S.D. Miss. 1989).
· cites it 3× “The departure of Section 75-9-506 from the Model UCC 7 allowed a closer concordance with this policy as expressed in Miss.Code Ann. § 89-1-59: Where there is a series of notes or installment payments secured by a deed of trust, mortgage or other lien, and a provision is inserted…”
Kaiser Investments, Inc. v. Davis, 538 So. 2d 427 (Miss. 1989).
“" Miss. Code Ann. § 89-1-59 (Supp. 1988). Those fees shall be measured by the terms of the note and deed of trust.”
Unifirst Fed. Sav. & Loan Ass'n v. Tower Loan of Miss., Inc., 524 So. 2d 290 (Miss. 1986).
“1987) reads, Where there is a series of notes or installment payments secured by a deed of trust, mortgage or other lien, and a provision is inserted in such instrument to secure them to the effect that upon a failure to pay any one (1) note or installment, or the interest…”
Crystal v. Duffy, 493 So. 2d 942 (Miss. 1986).
“Miss. Code Ann. § 89-1-59 (1972). However, an exception to the general rule is that a Court will refuse to enforce these rules where it is clear that the party purchasing at foreclosure (1) occupies a position of trust as co-mortgagor, or (2) assumes that mortgage as grantee,…”
Earnest Malone v. Saf.-Guard Mfg. Co., Inc., 748 F.2d 312 (5th Cir. 1984).
“The only difference plaintiff cites between the fully disclosed deed of trust and the undisclosed construction lien is that Mississippi law provides that a debtor can halt foreclosure under a deed of trust by meeting all past due payments plus attorney’s fees and expenses,…”
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