Nonliability and limitation on liability of secured party; liability of secondary obligor.
Miss. Code Ann. § 75-9-628
in effectUnless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this article; and The secured party’s failure to comply with this article does not affect the liability of the person for a deficiency.
A secured party is not liable because of its status as secured party:
To a person that is a debtor or obligor, unless the secured party knows:
That the person is a debtor or obligor;
The identity of the person; and
How to communicate with the person; or
To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
That the person is a debtor; and
The identity of the person.
A secured party is not liable to any person, and a person’s liability for a deficiency is not affected, because of any act or omission arising out of the secured party’s reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party’s belief is based on its reasonable reliance on:
A debtor’s representation concerning the purpose for which collateral was to be used, acquired, or held; or
An obligor’s representation concerning the purpose for which a secured obligation was incurred.
A secured party is not liable to any person under Section 75-9-625(c)(2) for its failure to comply with Section 75-9-616.
A secured party is not liable under Section 75-9-625(c)(2) more than once with respect to any one (1) secured obligation.
Source: Public.Resource.Org MS CodeURL: https://unicourt.github.io/cic-code-ms/transforms/ms/ocms/r78/gov.ms.code.title.75.htmlFetched: 6/9/2026