Mississippi Code Title 75. Regulation of Trade, Commerce and Investments § 75-2A-220

(1) Where risk of loss is to pass to the lessee and the time of passage is not stated:

(2) Whether or not risk of loss is to pass to the lessee, if the lessee as to conforming goods already identified to a lease contract repudiates or is otherwise in default under the lease contract, the lessor, or, in the case of a finance lease, the supplier, to the extent of any deficiency in his effective insurance coverage may treat the risk of loss as resting on the lessee for a commercially reasonable time.