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2018 Georgia Code 10-7-51 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 10-7-51 Case Law from Google Scholar Amendments to OCGA 10-7-51

TITLE 10 COMMERCE AND TRADE

Section 7. Suretyship, 10-7-1 through 10-7-57.

ARTICLE 3 RIGHTS OF SURETY AGAINST PRINCIPAL, COSURETIES, AND THIRD PERSONS

10-7-51. Compelling contribution - Interest on sum recovered as contribution.

The sum recovered as contribution shall bear interest from the time the original obligation was paid by the surety and shall be deemed and held a liquidated demand.

(Orig. Code 1863, § 2152; Code 1868, § 2147; Code 1873, § 2174; Code 1882, § 2174; Civil Code 1895, § 2993; Civil Code 1910, § 3565; Code 1933, § 103-402.)

JUDICIAL DECISIONS

Partner entitled to interest on contribution award.

- Trial court erred in failing to award appellant partner prejudgment interest under O.C.G.A. § 10-7-51 as the judgment was for contribution under O.C.G.A. § 10-7-50 and the law of the case by appellee partner for sums appellant partner paid in excess of that paid by appellee partner since both were equally bound on the same instruments. Murphy v. McCaughey, 262 Ga. App. 570, 586 S.E.2d 16 (2003).

Interest award reversed.

- Award of interest for a client against an attorney from the date that the client satisfied an underlying judgment against the client, the client's son, and the attorney had no legal basis and was reversed; it had been established that the client, the son, and the attorney were joint tortfeasors and while O.C.G.A. § 10-7-51 authorized the award of interest running from the date of a co-surety's payment of a joint obligation, it applied to contribution actions arising from joint instruments executed by the sureties, not to joint tortfeasors; the issue was not controlled by O.C.G.A. § 9-13-78 as it provided a method of enforcing contribution from a joint defendant and it did not purport to control an award of interest and O.C.G.A. § 7-4-12 provided that all money judgments bore post-judgment interest from the date of entry. Gerschick v. Pounds, 281 Ga. App. 531, 636 S.E.2d 663 (2006), cert. denied, No. S07C0191, 2007 Ga. LEXIS 95 (Ga. 2007).

RESEARCH REFERENCES

C.J.S.

- 72 C.J.S., Principal and Surety, § 226 et seq.

ALR.

- Rights of one entitled to contribution to recover interest, 27 A.L.R.2d 1268.

No results found for Georgia Code 10-7-51.