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2018 Georgia Code 10-1-8 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 10-1-8 Case Law from Google Scholar Amendments to OCGA 10-1-8

TITLE 10 COMMERCE AND TRADE

Section 1. Selling and Other Trade Practices, 10-1-1 through 10-1-915.

ARTICLE 1 RETAIL INSTALLMENT AND HOME SOLICITATION SALES

10-1-8. Security interest not taken on certain items; application of payments to revolving accounts; written agreements.

  1. Any security interest taken pursuant to a retail installment contract or revolving account shall not be taken with respect to clothing, softwares, and other nondurable items. Each payment with respect to a revolving account shall be applied to goods and services as follows: first to unpaid time price differential or finance charge; then, as to goods purchased on different dates, the first purchased shall be deemed first paid for; as to goods purchased on the same date, the lowest priced shall be deemed first paid for.
  2. Nothing contained in subsection (a) of this Code section shall prevent the parties from agreeing in writing for the payments to be otherwise applied; provided, however, that this Code section shall be construed consistently with Part 2 of Article 15 of this chapter, the "Fair Business Practices Act of 1975."Nothing in this Code section shall be deemed to authorize any act or practice which would otherwise be deemed unfair and deceptive under Part 2 of Article 15 of this chapter, the "Fair Business Practices Act of 1975."

(Ga. L. 1976, p. 721, § 2; Ga. L. 1994, p. 696, § 1.)

JUDICIAL DECISIONS

Section does not apply to duration of security interest.

- This section, which provides that payments on revolving accounts are to be applied first to goods which are first purchased has nothing to do with the creation, duration, definition, or enforcement of purchase money security interests in consumer goods and, specifically, does not purport to terminate a security interest contrary to the clear terms of a security agreement. In re Norrell, 426 F. Supp. 435 (M.D. Ga. 1977).

Cited in Ragsdale v. Credithrift of Am., Inc. (In re Derritt), 20 Bankr. 476 (Bankr. N.D. Ga. 1982).

RESEARCH REFERENCES

Am. Jur. 2d.

- 67 Am. Jur. 2d, Sales, §§ 253 et seq., 589.

ALR.

- Validity and construction of revolving charge account contract or plan, 41 A.L.R.3d 682.

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