Mississippi Code
Subpart 2 - Perfection
§ 75-9-315. Secured party's rights on disposition of collateral and in proceeds

Except as otherwise provided in this article and in Section 75-2-403(2):
Proceeds that are commingled with other property are identifiable proceeds:
If the proceeds are goods, to the extent provided by Section 75-9-336; and
If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this article with respect to commingled property of the type involved.
A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:
The following conditions are satisfied:
A filed financing statement covers the original collateral;
The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and
The proceeds are not acquired with cash proceeds;
The proceeds are identifiable cash proceeds; or
If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (d)(1) becomes unperfected at the later of:
When the effectiveness of the filed financing statement lapses under Section 75-9-515 or is terminated under Section 75-9-513; or
The twenty-first day after the security interest attaches to the proceeds.