Mississippi Code
Subpart 1 - Default and Enforcement of Security Interest
§ 75-9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral

Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if:
A person to which the secured party was required to send a proposal under Section 75-9-621; or
Any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal;
A purported or apparent acceptance of collateral under this section is ineffective unless:
The secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and
The conditions of subsection (a) are met.
For purposes of this section:
A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default; and
A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party:
Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;
In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and
Does not receive a notification of objection authenticated by the debtor within twenty (20) days after the proposal is sent.
To be effective under subsection (a)(2), a notification of objection must be received by the secured party:
In the case of a person to which the proposal was sent pursuant to Section 75-9-621, within twenty (20) days after notification was sent to that person; and
In other cases:
Within twenty (20) days after the last notification was sent pursuant to Section 75-9-621; or
If a notification was not sent, before the debtor consents to the acceptance under subsection (c).
A secured party that has taken possession of collateral shall dispose of the collateral pursuant to Section 75-9-610 within the time specified in subsection (f) if:
Sixty percent (60%) of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or
Sixty percent (60%) of the principal amount of the obligation secured has been paid in the case of a nonpurchase-money security interest in consumer goods.
To comply with subsection (e), the secured party shall dispose of the collateral:
Within ninety (90) days after taking possession; or
Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and authenticated after default.
In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures.