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2018 Georgia Code 23-2-90 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 23-2-90 Case Law from Google Scholar Amendments to OCGA 23-2-90

TITLE 23 EQUITY

Section 2. Grounds for Equitable Relief, 23-2-1 through 23-2-136.

ARTICLE 5 ADMINISTRATION OF ASSETS GENERALLY

23-2-90. Legal and equitable assets defined; rules of distribution.

  1. Assets are either legal or equitable. Legal assets are such as may be reached by the ordinary process of law. Equitable assets are such as can be reached only through the intervention of equity.
  2. Legal assets, when properly before the court, shall be distributed according to legal liens and priorities. Equitable assets shall be distributed according to justice and right in the particular case, the general rule being that equality is equity.
  3. Sometimes assets are partly legal and partly equitable. In such cases, while the above rule shall be adhered to as to the legal assets, equity shall so administer the equitable assets as to produce general equality.

(Orig. Code 1863, §§ 3073, 3074; Code 1868, §§ 3085, 3086; Code 1873, §§ 3142, 3143; Code 1882, §§ 3142, 3143; Civil Code 1895, §§ 3997, 3998; Civil Code 1910, §§ 4594, 4595; Code 1933, §§ 37-401, 37-402.)

JUDICIAL DECISIONS

A court of equity has concurrent jurisdiction with the ordinary (now probate judge) over the settlement of accounts of administrators and executors; and the court first taking jurisdiction will retain it. Terry v. Chandler, 172 Ga. 715, 158 S.E. 572 (1931).

The life estate of a cestui que trust is an equitable asset. Cruger v. Coleman & Newsome, 75 Ga. 695 (1885). See Patterson & Co. v. Lawrence, 83 Ga. 703, 10 S.E. 355 (1889).

A mortgagee of a railroad has a superior claim to the assets than a creditor who owns all of the stock. Exchange Bank v. Macon Constr. Co., 97 Ga. 1, 25 S.E. 326, 33 L.R.A. 800 (1895).

When appointment of receiver by judgment creditor sanctioned.

- Where a debt secured by a deed to secure debt, is interest bearing and not due, and a redemption under § 9-13-60 will cause the judgment creditor to lose a substantial sum approximating the amount of the unearned interest, the debtor having no other property from which to satisfy the judgment, a subsequent judgment creditor may proceed in equity for the appointment of a receiver for the purpose of selling the property subject to the principal of the debt and accrued interest. Cook v. Securities Inv. Co., 184 Ga. 544, 192 S.E. 179 (1937).

Cited in Robinson v. Bank of Darien, 18 Ga. 65 (1855); Stinson v. Williams, 35 Ga. 170 (1866); Gamble v. Cent. R.R. & Banking Co., 80 Ga. 595, 7 S.E. 315, 12 Am. St. R. 276 (1888); Nash v. Cowart, 162 Ga. 236, 133 S.E. 263 (1926); Bryant v. Bush, 165 Ga. 252, 140 S.E. 366 (1927); Bryan v. Bryan, 170 Ga. 472, 153 S.E. 188 (1930); Rose v. Crane Heating Co., 198 Ga. 295, 31 S.E.2d 717 (1944); Routon v. Woodbury Banking Co., 209 Ga. 706, 75 S.E.2d 561 (1953).

RESEARCH REFERENCES

ALR.

- By whom writ of assistance issued, 21 A.L.R. 358.

Right of creditor to interest after bankruptcy, declared insolvency, or appointment of receiver, where assets are more than sufficient to pay the principal of all claims, 39 A.L.R. 457, 44 A.L.R. 1170.

Sale in inverse order of alienation, 131 A.L.R. 4.

Cases Citing Georgia Code 23-2-90 From Courtlistener.com

Total Results: 1

Mathews v. DeFoor

Court: Supreme Court of Georgia | Date Filed: 1931-02-21

Citation: 172 Ga. 318, 158 S.E. 7, 1931 Ga. LEXIS 86

Snippet: Code, § 5201; Colclough v. Walker, 19 Ga. App. 23 (2) (90 S. E. 742). Judgment affirmed. All the Justices