Legal Question in Credit and Debt Law in Mississippi

The property can be involuntarily repossessed only if there is a default. Miss. Code Annot. (2006) Section 75-9-609. Default is whatever the parties agree it to be. Failure to make timely payment may be a default if the contract says something like timely payments being of the essence. If the contract does not say something like this, then being a few days late is possibly not be a default. If the contract addresses overdue installments, the missing an installment date is probably not a default if the subsequent requirements are met. If the contract does not address overdue installments, the court will probably rely on the implied obligations of good faith and fair dealings, and the parties' course of conduct to determine their intent when the agreement was made. If the property is repossessed, the debtor has a right to redeem the property before it is sold. Time and other limitations of redemption rights vary depending on which law governs, e.g. secured transactions, title instrument loans, etc.