O.C.G.A.
O.C.G.A.

O.C.G.A. § 11-3-105 (2019)

Issue of instrument

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) “Issue” means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.

(b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.

(c) “Issuer” applies to issued and unissued instruments and means a maker or drawer of an instrument.

History

Code 1981, § 11-3-105, enacted by Ga. L. 1996, p. 1306, § 3.

Annotations

JUDICIAL DECISIONS Enforceability of note. - Issuance or delivery - of a note is a prerequisite to its enforceability; thus, where note was never delivered, it cannot be enforced.

Jones v. Phillips, 237 Ga. App. 24, 513 S.E.2d 241, 1999 Ga. App. LEXIS 289 (1999).

RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 3105.

Notes of Decisions
Cited in 2 cases, 1998–1999 · leading case: Brackett v. Cartwright, 499 S.E.2d 905 (Ga. Ct. App. 1998).
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Brackett v. Cartwright, 499 S.E.2d 905 (Ga. Ct. App. 1998). · cites it 2× “OCGA §§ 11-3-105; 11-3-109; 11-3-603. Thus, the statute of limitation commenced to run on each rental payment as it became due.”
Jones v. Phillips, 513 S.E.2d 241 (Ga. Ct. App. 1999). · cites it 4× “The trial court found that the note, like the security deed, was invalid, having never been “issued” within the meaning of OCGA § 11-3-105. 1. Jones raises two enumerations of error.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.