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2018 Georgia Code 11-9-507 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 11-9-507 Case Law from Google Scholar Amendments to OCGA 11-9-507

TITLE 11 COMMERCIAL CODE

Section 9. Secured Transactions, 11-9-101 through 11-9-809.

ARTICLE 9 SECURED TRANSACTIONS

PART 1 FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT

11-9-507. Effect of certain events on effectiveness of financing statement.

  1. Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
  2. Information becoming seriously misleading. Except as otherwise provided in subsection (c) of this Code section and Code Section 11-9-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under Code Section 11-9-506.
  3. Change in debtor's name. If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under subsection (a) of Code Section 11-9-503 so that the financing statement becomes seriously misleading under Code Section 11-9-506:
    1. The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and
    2. The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the financing statement became seriously misleading.

(Code 1981, §11-9-507, enacted by Ga. L. 2001, p. 362, § 1; Ga. L. 2013, p. 690, § 12/SB 185.)

The 2013 amendment, effective July 1, 2013, in subsection (c), substituted "the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under subsection (a) of Code Section 11-9-503 so that the" for "a debtor so changes its name that a filed" at the beginning of the introductory language; substituted "filed financing statement becomes seriously misleading" for "change" in paragraphs (c)(1) and (c)(2); and substituted "financing statement became seriously misleading" for "change" at the end of paragraph (c)(2).

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 9-507.

Cases Citing O.C.G.A. § 11-9-507

Total Results: 4  |  Sort by: Relevance  |  Newest First

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Emmons v. Burkett, 353 S.E.2d 908 (Ga. 1987).

Cited 38 times | Published | Supreme Court of Georgia | Mar 19, 1987 | 256 Ga. 855, 3 U.C.C. Rep. Serv. 2d (West) 897

...If the creditor rebuts the presumption, he may maintain an action against the debtor or guarantor for any deficiency. Any loss suffered by the debtor as a consequence of the failure to give notice or to conduct a commercially reasonable sale is recoverable under § 11-9-507 and may be set off against the deficiency....
...from the debtor. Significantly, the code provisions concerning a debtor's default nowhere provide that a lack of notice bars a deficiency judgment or that proper notice is a condition precedent to the bringing of a deficiency action. Moreover, OCGA § 11-9-507 explicitly provides a remedy for a creditor's noncompliance with the requirements of OCGA § 11-9-504 (3). Under § 11-9-507 (1), "[i]f the [creditor's] disposition has occurred the debtor or any person entitled to notification or whose security interest has been made known to the secured party prior to the disposition has a right to recover from the secured party any loss caused by a failure to comply with the provisions of this part." OCGA § 11-9-507 does not provide that a failure to comply with § 11-9-504 bars the creditor from bringing an action to recover any deficiency....
...This is so despite the fact that it is the debtor's default on his obligation which necessitated the sale of the collateral. We conclude that the rebuttable-presumption rule, by placing *859 the burden on the creditor to show the propriety of the sale and making him liable under § 11-9-507 for any injury to the debtor, provides an adequate deterrent to an improper sale on the part of a creditor, and adequately protects the debtor's interest, without arbitrarily penalizing the creditor....
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Tafel v. Lion Antique Cars & Investments, Inc.; & Vice Versa, 297 Ga. 334 (Ga. 2015).

Cited 8 times | Published | Supreme Court of Georgia | Jun 15, 2015 | 773 S.E.2d 743

...deficiency (the difference between the fair and reasonable value of the collateral and the amount of the debt). Any loss suffered by the debtor as a result of the failure to give notice or the commercially unreasonable sale is recoverable under OCGA § 11-9-507 and may be set off against the deficiency. Contestabile II, 261 Ga....
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Bus. Dev. Corp. of Georgia, Inc. v. Contestabile, 413 S.E.2d 447 (Ga. 1992).

Cited 7 times | Published | Supreme Court of Georgia | Feb 20, 1992 | 261 Ga. 886, 17 U.C.C. Rep. Serv. 2d (West) 321, 46 Fulton County D. Rep. 17

...deficiency (the difference between the fair and reasonable value of the collateral and the amount of the debt). Any loss suffered by the debtor as a result of the failure to give notice or the commercially unreasonable sale is recoverable under OCGA § 11-9-507 and may be set off against the deficiency....

Tafel v. Lion Antique Cars & Investments, Inc., A/K/A Lion Antique Investments & Consulting Servs., Inc. (Ga. 2015).

Published | Supreme Court of Georgia | Jun 15, 2015 | 261 Ga. 886, 17 U.C.C. Rep. Serv. 2d (West) 321, 46 Fulton County D. Rep. 17

...deficiency (the difference between the fair and reasonable value of the collateral and the amount of the debt). Any loss suffered by the debtor as a result of the failure to give notice or the commercially unreasonable sale is recoverable under OCGA § 11-9-507 and may be set off against the deficiency. Contestabile II, 261 Ga....