Mississippi Code
Subpart 1 - Default and Enforcement of Security Interest
§ 75-9-615. Application of proceeds of disposition; liability for deficiency and right to surplus

A secured party shall apply or pay over for application the cash proceeds of disposition under Section 75-9-610 in the following order to:
The secured party receives from the holder of the subordinate security interest or other lien an authenticated demand for proceeds before distribution of the proceeds is completed; and
In a case in which a consignor has an interest in the collateral, the subordinate security interest or other lien is senior to the interest of the consignor; and
If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder does so, the secured party need not comply with the holder's demand under subsection (a)(3).
A secured party need not apply or pay over for application noncash proceeds of disposition under Section 75-9-610 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
If the security interest under which a disposition is made secures payment or performance of an obligation, after making the payments and applications required by subsection (a) and permitted by subsection (c):
Unless subsection (a)(4) requires the secured party to apply or pay over cash proceeds to a consignor, the secured party shall account to and pay a debtor for any surplus; and
The obligor is liable for any deficiency.
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.
The surplus or deficiency following a disposition is calculated based on the amount of proceeds that would have been realized in a disposition complying with this part to a transferee other than the secured party, a person related to the secured party, or a secondary obligor if:
The transferee in the disposition is the secured party, a person related to the secured party, or a secondary obligor; and
The amount of proceeds of the disposition is significantly below the range of proceeds that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
A secured party that receives cash proceeds of a disposition in good faith and without knowledge that the receipt violates the rights of the holder of a security interest or other lien that is not subordinate to the security interest or agricultural lien under which the disposition is made:
Takes the cash proceeds free of the security interest or other lien;
Is not obligated to apply the proceeds of the disposition to the satisfaction of obligations secured by the security interest or other lien; and
Is not obligated to account to or pay the holder of the security interest or other lien for any surplus.