O.C.G.A. § 11-7-603 (2019)

Annotations

Cross references. Interpleader generally, § 9-11-22. Editor’s notes. Ga. L. 2010, p. 481, § 3-1/HB 451, not codified by the General Assembly, provides that: “This Act applies to a document of title that is issued or a bailment that arises on or after the effective date of this Act. This Act does not apply to a document of title that is issued or a bailment that arises before the effective date of this Act even if the document of title or bailment would be subject to this Act if the document of title had been issued or bail-

ment had arisen on or after the effective date of this Act. This Act does not apply to a right of action that has accrued before the effective date of this Act.” This Act became effective May 27, 2010. Ga. L. 2010, p. 481, § 3-2/HB 451, not codified by the General Assembly, provides that: “A document of title issued or a bailment that arises before the effective date of this Act and the rights, documents, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this Act as if such amendment or repeal had not occurred and may be terminated, completed, consummated, or enforced under that statute or other rule.” This Act became effective May 27, 2010.

JUDICIAL DECISIONS Warehouser acted appropriately under O.C.G.A. § 11-7-603 when it refused to deliver beef in its possession as bailee to appellant-garnishor in light of another claim filed with it which was

adverse to that of appellant. Northwestern Nat’l Sales, Inc. v. Commercial Cold Storage, Inc., 162 Ga. App. 741, 293 S.E.2d 30, 1982 Ga. App. LEXIS 2318 (1982).

RESEARCH REFERENCES Am. Jur. 2d. 817 Am. Jur. 2d, Bailments, § 177. 78 Am. Jur. 2d, Warehouses, § 264. C.J.S. 48 C.J.S., Interpleader, § 10. U.L.A. Uniform Commercial Code (U.L.A.) § 7603.

ALR. Right of judgment debtor to interplead, 48 A.L.R. 966. Allowance of interest on interpleaded or impleaded disputed funds, 15 A.L.R.2d 473.

ARTICLE 8 INVESTMENT SECURITIES Sec.

Part 1 Short Title and General Matters Sec.

Short title. Definitions. Rules for determining whether certain obligations and interests are securities or financial assets. Acquisition of security or financial asset or interest therein. Notice of adverse claim. Control. Whether indorsement, instruction, or entitlement order is effective. Warranties in direct holding. Warranties in indirect holding. Applicability; choice of law. Clearing corporation rules. Creditor’s legal process. Statute of frauds inapplicable. Evidentiary rules concerning certificated securities. Securities intermediary and others not liable to adverse claimant. Securities intermediary as purchaser for value. Part 2

Part 3 Transfer of Certificated and Uncertificated Securities

Issuer. Issuer’s responsibility and defenses; notice of defect or defense. Staleness as notice of defect or defense. Effect of issuer’s restriction on transfer. Effect of unauthorized signature on security certificate. Completion or alteration of security certificate.

Delivery. Rights of purchaser. Protected purchaser. Indorsement. Instruction. Effect of guaranteeing signature, indorsement, or instruction. Purchaser’s right to requisites for registration of transfer. Part 4 Registration

Issue and Issuer

Rights and duties of issuer with respect to registered owners. Effect of signature of authenticating trustee, registrar, or transfer agent. Issuer’s lien. Overissue.

Duty of issuer to register transfer. Assurance that indorsement or instruction is effective. Demand that issuer not register transfer. Wrongful registration. Replacement of lost, destroyed, or wrongfully taken security certificate. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate. Authenticating trustee, transfer agent, and registrar. Part 5

Security Entitlements

Securities account; acquisi-

Sec.

Sec.

tion of security entitlement from securities intermediary. Assertion of adverse claim against entitlement holder. Property interest of entitlement holder in financial asset held by securities intermediary. Duty of securities intermediary to maintain financial asset. Duty of securities intermediary with respect to payments and distributions. Duty of securities intermediary to exercise rights as directed by entitlement holder. Duty of securities intermediary to comply with entitlement order. Duty of securities intermediary to change entitlement

Cross references. Georgia Uniform Securities Act of 2008, § 10-5-1 et seq. Uniform transfer on death security registration, § 53-5-60 et seq. Editor’s notes. Ga. L. 1992, p. 2626, effective July 1, 1992, repealed the Code sections formerly codified at this article, and enacted the former provisions of this article. The former article consisted of Code Sections 11-8-101 through 11-8-106 (Part 1); 11-8201 through 11-8-208 (Part 2); 11-8-301 through 11-8-320 (Part 3); and 11-8-401 through 11-8-406 (Part 4) and was based

holder’s position to other form of security holding. Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder. Rights of purchaser of security entitlement from entitlement holder. Priority among security interests and entitlement holders. Part 6

Transition Provisions for Revised Article 8 and Conforming Amendments to Articles 1, 3, 4, 5, 9, and 10

Effective date. Repeals [Reserved]. Savings clause.

on Ga. L. 1962, p. 156, § 1; Ga. L. 1963, p. 188, §§ 19-22; Ga. L. 1964, p. 70, § 2, Ga. L. 1966, p. 168, §§ 1-4; Ga. L. 1973, p. 689, § 1; Ga. L. 1981, Ex. Sess., p. 8; and Ga. L. 1982, p. 3, § 11. Ga. L. 1998, p. 1323, § 1, effective July 1, 1998, repealed the Code sections formerly codified at this article and enacted the current article. The former article consisted of Code Sections 11-8-101 through 11-8-408, relating to the Uniform Commercial Code - Investment Securities, and was based on Code 1981, § 11-8-101 et seq., enacted by Ga. L. 1992, p. 2626, § 3.

RESEARCH REFERENCES ALR. What is a “security” under UCC Art. 8, 11 A.L.R.4th 1036.

T.11, A.8, P.1

PART 1 SHORT TITLE AND GENERAL MATTERS