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2018 Georgia Code 10-1-9 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 10-1-9 Case Law from Google Scholar Amendments to OCGA 10-1-9

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

10-1-9. Transfer of retail installment contracts or revolving accounts.

  1. Any retail seller may assign, pledge, hypothecate, or otherwise transfer a retail installment contract or revolving account to any person, firm, or corporation on such terms and conditions and for such price as may be mutually agreed upon. Unless the buyer has notice of the assignment, payment thereunder made by the buyer to the last known owner of the contract or account shall be binding on all subsequent owners thereof.
  2. In no event will any such assignment bar any right of action against the seller arising as a result of this article, nor will any such assignment bar any defense against the sales finance company or other assignee arising as a result of subsection (b) of Code Section 10-1-15.

(Ga. L. 1967, p. 659, § 8.)

JUDICIAL DECISIONS

Assignee or transferee of a retail installment contract is not given holder in due course status under Ga. L. 1967, p. 659, § 1 et seq. Geiger Fin. Co. v. Graham, 123 Ga. App. 771, 182 S.E.2d 521 (1971), commented on in 8 Ga. St. B.J. 400 (1972).

Assignee or transferee takes contract subject to defenses against assignor.

- Under simple contract law, an assignee or transferee takes a retail installment contract subject to any defenses that could be asserted against the assignor. Geiger Fin. Co. v. Graham, 123 Ga. App. 771, 182 S.E.2d 521 (1971), commented on in 8 Ga. St. B.J. 400 (1972).

RESEARCH REFERENCES

Am. Jur. 2d.

- 67 Am. Jur. 2d, Sales, §§ 325 et seq, 589 et seq.

ALR.

- Constitutionality, construction, and application of statute respecting sale, assignment, or transfer of retail installment contracts, 10 A.L.R.2d 447.

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