 |
GEORGIA CODE (Last Updated: August 20, 2013) |
 |
Title 18. DEBTOR AND CREDITOR |
|
|
Chapter 2. DEBTOR AND CREDITOR RELATIONS |
|
|
Article 3. PREFERENCES AND ASSIGNMENTS FOR BENEFIT OF CREDITORS |
| § 18-2-40. Right of debtor to prefer creditors |
| § 18-2-41. Right of nonmunicipal corporation to assign for benefit of creditors and prefer creditors |
| § 18-2-42. Right of persons and firms to make assignments and prefer creditors |
| § 18-2-43. Deeds of assignment for benefit of creditors -- Execution, filing, and recording |
| § 18-2-44. Deeds of assignment for benefit of creditors -- Property to be conveyed generally; description of property; attachment of list of creditors of assignor |
| § 18-2-45. Deeds of assignment for benefit of creditors -- Conveyances; statements as to aggregate amounts |
| § 18-2-46. Deeds of assignment for benefit of creditors -- Annexation of affidavit to deed; contents of affidavit |
| § 18-2-47. Preparation after recording of assignment of list of all property of assignor at time of assignment; affidavits of assignor and assignee as to accuracy of list |
| § 18-2-48. List to remain on file ten days |
| § 18-2-49. Correcting of innocent or unintentional mistake or omission in list of assets or creditors |
| § 18-2-50. Notification of creditors of filing of assignment; notification of creditors of institution of actions attacking assignment; sufficient notice |
| § 18-2-51. Foreign assignments to conform with laws of state |
| § 18-2-52. Provision and filing of bond by assignee for benefit of assignor's creditors; amount of bond |
| § 18-2-53. Duties of assignee generally; payment of preferred debts after filing |
| § 18-2-54. Powers and rights of assignee |
| § 18-2-55. Actions to set aside assignments -- Nature of actions generally; priorities and payment to creditors on judgments rendered after filing of complaint to set aside assignment |
| § 18-2-56. Actions to set aside assignments -- Parties |
| § 18-2-57. Actions to set aside assignments -- Necessity of showing fraud, collusion, or notice thereof in assignee |
| § 18-2-58. Necessity for reduction of debt to judgment before action against assignor or assignee |
| § 18-2-59. Appointment of new assignees upon death or removal from jurisdiction of courts of state of sole or surviving assignee; authority thereof |
REFS & ANNOS
TITLE 18 Chapter 2 Article 3 NOTE
LAW REVIEWS. --For article, "The Problem and the Law of the Insolvent Debtor," see 16 Ga. B.J. 391 (1954).
For note suggesting corporations, persons, and firms may execute common-law assignments to allow assignee to carry on and such assignment would preempt creditors attempting to gain preference by judgment, see 10 Ga. B.J. 129 (1947).
JUDICIAL DECISIONS
PARTIAL ASSIGNMENT OF SINGLE DEBT. --Creditor cannot divide obligation to pay creditor a stated sum of money into fragments, and assign them to a number of different persons, thereby subjecting debtor to more than one claim, and in order to enforce such partial assignment of a single debt, acceptance by debtor must be shown. Graham v. Southern Ry., 173 Ga. 573, 161 S.E. 125 (1931).
Partial assignment of a debt due is enforceable in equity, although debtor may not assent, if all parties at interest are before the court, so that the right of each in the fund may be determined in one suit and settled by one decree. Graham v. Southern Ry., 173 Ga. 573, 161 S.E. 125 (1931).
RESEARCH REFERENCES
ALR. --Preference of wages over lien creditors of corporation in hands of receiver, in absence of statutory provision therefor, 5 ALR 690.
Validity and effect of provisions in assignments for creditors authorizing assignees to continue assignor's business, 23 ALR 199.
Constitutionality of statute relating to preferences in assets of insolvent bank, 31 ALR 790; 79 ALR 582; 83 ALR 1080.
Right to setoff loss under mutual insurance policy against premium or assessment, 31 ALR 1281.
Payment of judgment by debtor without notice of its assignment, 32 ALR 1021.
Right of creditor to interest after bankruptcy, declared insolvency, or appointment of receiver, where assets are more than sufficient to pay the principal of all claims, 44 ALR 1170.
Duty of mortgagee to account for rents and profits or for use and occupation for benefit of owner of equity of redemption or junior lienor, 46 ALR 138.
Transfer in bankruptcy, or otherwise in interest of creditors or lien holders, as violating covenant in lease against assignment, 46 ALR 847.
Priority of assignment of chose in action over subsequent garnishment as affected by lack of notice to debtor of assignment, 52 ALR 109.
Waiver of or estoppel to assert lien by filing claim with or receiving dividend from assignee for creditors, 55 ALR 993.
State's prerogative right of preference at common law, 65 ALR 1331; 90 ALR 184; 167 ALR 640.
Enforceability in equity of assignment of part of a debt without the debtor's consent, 80 ALR 413.
Pledge of accounts as affected by pledgor's reservation of partial dominion or control, 85 ALR 222.
Assignment by creditor of insolvent debtor or estate as carrying full amount named or merely dividends payable in respect of that amount, 93 ALR 1525.
Assignability of contemplated debt before execution of agreement by which it is to be created, 116 ALR 955.
Right of debtor who pays creditor to control application of payments made by latter to his creditor with proceeds of original payment, 130 ALR 198; 166 ALR 641.
Application of payment as between disputed and undisputed claims, 164 ALR 940.
Debtor's transfer of assets to representative of creditors as effectuating release of unsecured claims, in absence of express agreement to that effect, 8 ALR3d 903.
Bankruptcy: Right of creditor who has not filed timely petition for review of referee's order to participate in appeal secured by another creditor, 22 ALR3d 914.
For note suggesting corporations, persons, and firms may execute common-law assignments to allow assignee to carry on and such assignment would preempt creditors attempting to gain preference by judgment, see 10 Ga. B.J. 129 (1947).
JUDICIAL DECISIONS
PARTIAL ASSIGNMENT OF SINGLE DEBT. --Creditor cannot divide obligation to pay creditor a stated sum of money into fragments, and assign them to a number of different persons, thereby subjecting debtor to more than one claim, and in order to enforce such partial assignment of a single debt, acceptance by debtor must be shown. Graham v. Southern Ry., 173 Ga. 573, 161 S.E. 125 (1931).
Partial assignment of a debt due is enforceable in equity, although debtor may not assent, if all parties at interest are before the court, so that the right of each in the fund may be determined in one suit and settled by one decree. Graham v. Southern Ry., 173 Ga. 573, 161 S.E. 125 (1931).
RESEARCH REFERENCES
ALR. --Preference of wages over lien creditors of corporation in hands of receiver, in absence of statutory provision therefor, 5 ALR 690.
Validity and effect of provisions in assignments for creditors authorizing assignees to continue assignor's business, 23 ALR 199.
Constitutionality of statute relating to preferences in assets of insolvent bank, 31 ALR 790; 79 ALR 582; 83 ALR 1080.
Right to setoff loss under mutual insurance policy against premium or assessment, 31 ALR 1281.
Payment of judgment by debtor without notice of its assignment, 32 ALR 1021.
Right of creditor to interest after bankruptcy, declared insolvency, or appointment of receiver, where assets are more than sufficient to pay the principal of all claims, 44 ALR 1170.
Duty of mortgagee to account for rents and profits or for use and occupation for benefit of owner of equity of redemption or junior lienor, 46 ALR 138.
Transfer in bankruptcy, or otherwise in interest of creditors or lien holders, as violating covenant in lease against assignment, 46 ALR 847.
Priority of assignment of chose in action over subsequent garnishment as affected by lack of notice to debtor of assignment, 52 ALR 109.
Waiver of or estoppel to assert lien by filing claim with or receiving dividend from assignee for creditors, 55 ALR 993.
State's prerogative right of preference at common law, 65 ALR 1331; 90 ALR 184; 167 ALR 640.
Enforceability in equity of assignment of part of a debt without the debtor's consent, 80 ALR 413.
Pledge of accounts as affected by pledgor's reservation of partial dominion or control, 85 ALR 222.
Assignment by creditor of insolvent debtor or estate as carrying full amount named or merely dividends payable in respect of that amount, 93 ALR 1525.
Assignability of contemplated debt before execution of agreement by which it is to be created, 116 ALR 955.
Right of debtor who pays creditor to control application of payments made by latter to his creditor with proceeds of original payment, 130 ALR 198; 166 ALR 641.
Application of payment as between disputed and undisputed claims, 164 ALR 940.
Debtor's transfer of assets to representative of creditors as effectuating release of unsecured claims, in absence of express agreement to that effect, 8 ALR3d 903.
Bankruptcy: Right of creditor who has not filed timely petition for review of referee's order to participate in appeal secured by another creditor, 22 ALR3d 914.