Mississippi Code
Subpart 1 - Default and Enforcement of Security Interest
§ 75-9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.

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