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GEORGIA CODE (Last Updated: August 20, 2013) |
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Title 44. PROPERTY |
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Chapter 14. MORTGAGES, CONVEYANCES TO SECURE DEBT, AND LIENS |
| Article 1. IN GENERAL |
| Article 2. MORTGAGES |
| Article 3. CONVEYANCES TO SECURE DEBT AND BILLS OF SALE |
| Article 4. SECURITY AGREEMENTS RELATING TO CROPS |
| Article 5. TRUST DEEDS |
| Article 6. EXPIRATION AND EXTENSION OF INSTRUMENTS AFFECTING PERSONALTY |
| Article 7. FORECLOSURE |
| Article 8. LIENS |
| Article 9. LIS PENDENS |
REFS & ANNOS
TITLE 44 Chapter 14 NOTE
CROSS REFERENCES. --Secured transactions generally, Art. 9, T. 11. Priority of tax liens, § 48-2-56.
EDITOR'S NOTES. --Ga. L. 1963, p. 188, § 39 provides that Chs. 1, 11, 13, and 14 of Code 1933, T. 67 (now codified primarily at this chapter) shall yield to and be superseded by any conflicting provisions of Code 1933, T. 109A (codified at Code 1981, T. 11).
LAW REVIEWS. --For article discussing 1976 to 1977 developments in mortgage law, see 29 Mercer L. Rev. 219 (1977).
JUDICIAL DECISIONS
FORECLOSURE BY BONDHOLDER NOTWITHSTANDING CONTRARY TRUST INDENTURE PROVISIONS. --Where, under a trust indenture to secure certain bonds, the exclusive right to accelerate and declare the bond issue due on account of defaults is vested in the trustee, and where it is further provided in the trust indentures that the bonds cannot be declared due by the bondholders thereof except upon a written request by the holders of an interest of at least 25 percent of the bonds outstanding, the holder of bonds of less than this amount cannot proceed in the bondholder's own name to foreclose the bonds personally held. Varner v. Atlanta Laundries, Inc., 182 Ga. 148, 184 S.E. 877 (1936).
FORECLOSURE OF LIEN ON MARE. --Trial court properly granted summary judgment pursuant to O.C.G.A. § 9-11-56 to colt possessors in a tortious interference with a contract claim by a horse trainer, wherein the trainer alleged that the trainer had a contract to keep the recently born colt in exchange for continued services to the mare's owner; the court found that there was no showing that the possessors were aware of a contract regarding the ownership of the colt, the possessors had followed the necessary procedures for filing a financing statement under O.C.G.A. § 11-9-501 et seq., they had allegedly foreclosed on their lien on the mare by the time that they became aware of the trainer's claim, pursuant to O.C.G.A. § 44-14-490, and the trainer did not record a lien against the colt pursuant to O.C.G.A. § 44-14-511. Medlin v. Morganstern, 268 Ga. App. 116, 601 S.E.2d 359 (2004).
RESEARCH REFERENCES
Am. Jur. Proof of Facts. --Warranty Deed Intended as Mortgage, 4 POF2d 567.
Proof That Grantor Intended Deed as Mortgage, 79 POF3d 109.
Am. Jur. Trials. --Prospective Purchaser's Recovery of Damages for Tortuous Interference with Real Estate Contract, 97 Am. Jur. Trials 107.
Real Estate Broker's Breach of Fiduciary Duty to Disclose Material Facts to Seller-Principal, 101 Am. Jur. Trials 1.
ALR. --Duty to notify mortgagor who has parted with title to mortgaged real property of proceedings to enforce prior lien, 6 ALR 499.
Rights and duties as between owner of land and owner of timber or of minerals in place as regards liens covering both interests, 26 ALR 1031.
Protection of mortgagor or owner of mortgaged property, on foreclosure sale, by fixing upset or minimum price, requiring credit of specified amount on mortgage debt, or denying or limiting amount of deficiency judgment, 85 ALR 1480.
Admissibility of admissions against title to tangible personal property made by one subsequent to executing chattel mortgage thereon, 106 ALR 1296.
Attachment, garnishment, execution, or similar process in action on note or bond, not resulting in sale of mortgaged property, as precluding foreclosure of real-estate mortgage, 37 ALR2d 959.
Necessity and sufficiency of tender of payment by one seeking to redeem property from mortgage foreclosure, 80 ALR2d 1317.
EDITOR'S NOTES. --Ga. L. 1963, p. 188, § 39 provides that Chs. 1, 11, 13, and 14 of Code 1933, T. 67 (now codified primarily at this chapter) shall yield to and be superseded by any conflicting provisions of Code 1933, T. 109A (codified at Code 1981, T. 11).
LAW REVIEWS. --For article discussing 1976 to 1977 developments in mortgage law, see 29 Mercer L. Rev. 219 (1977).
JUDICIAL DECISIONS
FORECLOSURE BY BONDHOLDER NOTWITHSTANDING CONTRARY TRUST INDENTURE PROVISIONS. --Where, under a trust indenture to secure certain bonds, the exclusive right to accelerate and declare the bond issue due on account of defaults is vested in the trustee, and where it is further provided in the trust indentures that the bonds cannot be declared due by the bondholders thereof except upon a written request by the holders of an interest of at least 25 percent of the bonds outstanding, the holder of bonds of less than this amount cannot proceed in the bondholder's own name to foreclose the bonds personally held. Varner v. Atlanta Laundries, Inc., 182 Ga. 148, 184 S.E. 877 (1936).
FORECLOSURE OF LIEN ON MARE. --Trial court properly granted summary judgment pursuant to O.C.G.A. § 9-11-56 to colt possessors in a tortious interference with a contract claim by a horse trainer, wherein the trainer alleged that the trainer had a contract to keep the recently born colt in exchange for continued services to the mare's owner; the court found that there was no showing that the possessors were aware of a contract regarding the ownership of the colt, the possessors had followed the necessary procedures for filing a financing statement under O.C.G.A. § 11-9-501 et seq., they had allegedly foreclosed on their lien on the mare by the time that they became aware of the trainer's claim, pursuant to O.C.G.A. § 44-14-490, and the trainer did not record a lien against the colt pursuant to O.C.G.A. § 44-14-511. Medlin v. Morganstern, 268 Ga. App. 116, 601 S.E.2d 359 (2004).
RESEARCH REFERENCES
Am. Jur. Proof of Facts. --Warranty Deed Intended as Mortgage, 4 POF2d 567.
Proof That Grantor Intended Deed as Mortgage, 79 POF3d 109.
Am. Jur. Trials. --Prospective Purchaser's Recovery of Damages for Tortuous Interference with Real Estate Contract, 97 Am. Jur. Trials 107.
Real Estate Broker's Breach of Fiduciary Duty to Disclose Material Facts to Seller-Principal, 101 Am. Jur. Trials 1.
ALR. --Duty to notify mortgagor who has parted with title to mortgaged real property of proceedings to enforce prior lien, 6 ALR 499.
Rights and duties as between owner of land and owner of timber or of minerals in place as regards liens covering both interests, 26 ALR 1031.
Protection of mortgagor or owner of mortgaged property, on foreclosure sale, by fixing upset or minimum price, requiring credit of specified amount on mortgage debt, or denying or limiting amount of deficiency judgment, 85 ALR 1480.
Admissibility of admissions against title to tangible personal property made by one subsequent to executing chattel mortgage thereon, 106 ALR 1296.
Attachment, garnishment, execution, or similar process in action on note or bond, not resulting in sale of mortgaged property, as precluding foreclosure of real-estate mortgage, 37 ALR2d 959.
Necessity and sufficiency of tender of payment by one seeking to redeem property from mortgage foreclosure, 80 ALR2d 1317.