O.C.G.A. § 23-2-90 (2019)
Legal and equitable assets defined; rules of distribution
(a) 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.
(b) 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.
(c) 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.
History
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.
Annotations
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). Life estate of a cestui que trust is an equitable asset. Cruger v. Coleman & Newsome, 75 Ga. 695 (1885). See Patter-
son & Co. v. Lawrence, 83 Ga. 703, 10 S.E. 355 (1889). 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. - When a debt secured by a deed to secure debt, is interest bearing and not due, and a redemption under former Code 1933, §§ 39-201 and 39-202 (see O.C.G.A. § 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 subse-
quent 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.