O.C.G.A.

O.C.G.A. § 11-4-209 (2019)

Encoding and retention warranties

✓ 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) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warranty.

(b) A person who undertakes to retain an item pursuant to an agreement for electronic presentment warrants to any subsequent collecting bank and to the payor bank or other payor that retention and presentment of the item comply with the agreement. If a customer of a depositary bank undertakes to retain an item, that bank also makes this warranty.

(c) A person to whom warranties are made under this Code section and who took the item in good faith may recover from the warrantor as damages for breach of warranty an amount equal to the loss suffered as a result of the breach, plus expenses and loss of interest incurred as a result of the breach.

History

Code 1981, § 11-4-209, enacted by Ga. L. 1996, p. 1306, § 8.

Annotations

Editor’s notes. Ga. L. 1996, p. 1306, § 9, effective July

1, 1996, renumbered former Code Section 11-4-209 as present Code Section 11-4-211 and Ga. L. 1996, p. 1306, § 8 added this Code section.

RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 4209.

Notes of Decisions

Cited in 2 cases, 1986–1997 · leading case: Coastal Plains Trucking Co. v. Thomas Cnty. Fed. Sav. & Loan Ass'n, 482 S.E.2d 493 (Ga. Ct. App. 1997).

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Coastal Plains Trucking Co. v. Thomas Cnty. Fed. Sav. & Loan Ass'n, 482 S.E.2d 493 (Ga. Ct. App. 1997). · cites it 2× “Pursuant to OCGA § 11-4-209, 2 a bank which has given value to the extent that it has a security interest in an item becomes a holder in due course, provided that the bank otherwise complies with the requirements of OCGA § 11-3-302 on what constitutes a holder in due course.”

Citizens & S. Nat'l Bank v. Sun Belt Elec. Constructors, Inc. (In Re Sun Belt Elec. Constructors, Inc.), 64 B.R. 377 (Bankr. N.D. Ga. 1986). · cites it 2× “provision must be read in conjunction with O.C.G.A. § 11-4-209, which provides that a bank gives value to the extent that it has a security interest in the item and that it can therefore acquire holder in due course status if it complies with the other requirements of O.”

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.