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2018 Georgia Code 11-9-322.1 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 11-9-322.1 Case Law from Google Scholar Amendments to OCGA 11-9-322.1

TITLE 11 COMMERCIAL CODE

Section 9. Secured Transactions, 11-9-101 through 11-9-809.

ARTICLE 9 SECURED TRANSACTIONS

PART 3 PRIORITY

11-9-322.1. Crops produced with new value.

A perfected security interest in growing crops for new value given to enable the debtor to produce the crops during the production season and given not more than three months before the crops become growing crops by planting or otherwise takes priority over an earlier perfected security interest or agricultural lien to the extent that such earlier interest or lien secures obligations incurred more than six months before the crops become growing crops by planting or otherwise, even though the person giving new value had knowledge of the earlier security interest or agricultural lien.

(Code 1981, §11-9-322.1, enacted by Ga. L. 2001, p. 362, § 1; Ga. L. 2002, p. 995, § 5.)

The 2002 amendment, effective July 1, 2002, inserted "growing" near the beginning, inserted "or agricultural lien" and "or lien" near the middle and added "or agricultural lien" at the end.

Editor's notes.

- Ga. L. 2002, p. 995, § 8, not codified by the General Assembly, provides that: "This Act shall become effective July 1, 2002, and shall apply to a letter of credit that is issued on or after July 1, 2002. This Act does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before July 1, 2002."

JUDICIAL DECISIONS

Editor's notes.

- In the light of the similarity of the provisions, decisions under former Article 9 are included in the annotations for this Code section. For a table of comparable provisions, see the table at the beginning of the Article.

Necessity for new value.

- Where additional collateral is given to secure antecedent debt, new value is not necessary before security interest will attach. However, where there is purchase money security interest in crop to be grown, new value is necessary. United States v. Big Z Whse., 311 F. Supp. 283 (S.D. Ga. 1970) (decided under former Code Section 11-9-312).

RESEARCH REFERENCES

Am. Jur. 2d.

- 68A Am. Jur. 2d, Secured Transactions, §§ 15, 70, 71, 96-100, 106, 149, 231 et seq., 248, 291, 293, 310, 311, 313, 440-467, 780-791, 836-868.

Value of Growing Crop, 20 POF2d 115.

C.J.S.

- 72 C.J.S., Pledges, § 23.

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