Mississippi Code
Subpart 1 - Default and Enforcement of Security Interest
§ 75-9-607. Collection and enforcement by secured party

If so agreed, and in any event after default, a secured party:
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:
A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
The secured party's sworn affidavit in recordable form stating that:
A default has occurred with respect to the obligation secured by the mortgage; and
The secured party is entitled to enforce the mortgage nonjudicially.
A secured party shall proceed in a commercially reasonable manner if the secured party:
Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
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.
This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.

Structure Mississippi Code