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2018 Georgia Code 44-14-120 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 44-14-120 Case Law from Google Scholar Amendments to OCGA 44-14-120

TITLE 44 PROPERTY

Section 14. Mortgages, Conveyances to Secure Debt, and Liens, 44-14-1 through 44-14-613.

ARTICLE 5 TRUST DEEDS

44-14-120. Enforcement of rights; petition; order.

Whenever any person has conveyed real property in this state by a deed to a trustee to secure the payment of a note or notes, bonds, or other debt owing to one or more persons, the rights of the trustee named in the deed or his successor in estate, as well as the rights of the holders or owners of the notes or other debts in the real property, may be enforced in the following manner:

  1. The trustee named in the deed or his successor in estate entitled to enforce the deed may, upon the request of the holders or owners of at least two-thirds of the indebtedness thereby secured but not otherwise, petition the superior court of the county of the residence of the maker of the deed or, if there is more than one maker, the superior court of the county of the residence of either or, if the maker or makers are nonresidents of the state, the superior court of the county wherein the land or any part thereof conveyed by the deed is located or the city court, if any, in the county having jurisdiction of the amount claimed in the petition. The petition shall contain a statement of the case, the amounts demanded, and a description of the property covered by the deed to secure such demands; and
  2. Upon the petition being filed, the court shall grant an order directing the sums demanded in the petition, together with interest and costs, to be paid into the court on or before the first day of the next term immediately succeeding the one at which the order is granted, which order shall be published once a week for four weeks in some newspaper generally circulated in the county or shall be served on the maker of the deed or his special agent or attorney at least 20 days prior to the time at which the money is directed to be paid into the court.

(Ga. L. 1896, p. 76, § 1; Civil Code 1910, § 311; Code 1933, § 67-1201; Ga. L. 1982, p. 3, § 44.)

JUDICIAL DECISIONS

Section not sole method for foreclosure.

- O.C.G.A. § 44-14-120 does not create the only method of foreclosure of trust deeds to secure debts, so that no foreclosure can be had unless the conditions of O.C.G.A. § 44-14-120 are complied with. It means that, upon request of two-thirds in amount of the indebtedness secured, but not otherwise, this unusual method of foreclosure may, but not must, be followed. Under other conditions, other methods must be pursued. In re Lookout Mt. Hotel Co., 50 F.2d 421 (N.D. Ga.), rev'd on other grounds sub nom. Bryan v. Speakman, 53 F.2d 463 (5th Cir. 1931), cert. denied, 285 U.S. 539, 52 S. Ct. 312, 76 L. Ed. 932 (1932).

Security deeds and trust deeds distinguished, see In re Lookout Mt. Hotel Co., 50 F.2d 421 (N.D. Ga.), rev'd on other grounds sub nom. Bryan v. Speakman, 53 F.2d 463 (5th Cir. 1931), cert. denied, 285 U.S. 539, 52 S. Ct. 312, 76 L. Ed. 932 (1932).

Deed of trust to property given as security for bonds is trust deed to secure debt under O.C.G.A. § 44-14-120 and not a security deed under O.C.G.A. § 44-14-60. In re Lookout Mt. Hotel Co., 50 F.2d 421 (N.D. Ga.), rev'd on other grounds sub nom. Bryan v. Speakman, 53 F.2d 463 (5th Cir. 1931), cert. denied, 285 U.S. 539, 52 S. Ct. 312, 76 L. Ed. 932 (1932).

For case where stipulation in deed of trust does not dispense with necessity of service, see City Bank & Trust Co. v. Graf, 177 Ga. 236, 170 S.E. 74 (1933).

RESEARCH REFERENCES

Am. Jur. 2d.

- 55 Am. Jur. 2d, Mortgages, §§ 517, 519, 522.

C.J.S.

- 59 C.J.S., Mortgages, § 324 et seq.

ALR.

- Conveyance in consideration of support as creating lien or charge upon the land conveyed, 64 A.L.R. 1250.

Right of trustee under deed of trust, absent a provision in that regard, to bid at foreclosure sale in behalf of holders of bonds or other obligations secured thereby, and duty of court a regards authorization, 88 A.L.R. 1260; 96 A.L.R. 1456; 135 A.L.R. 393.

Demand for payment as a condition precedent to exercise of power of sale in, or foreclosure of, mortgage securing demand note, 147 A.L.R. 1109.

Failure to keep up insurance as justifying foreclosure under acceleration provision in mortgage or deed of trust, 69 A.L.R.3d 774.

Validity and construction of provision of mortgage or other real-estate financing contract prohibiting prepayment for a fixed period of time, 81 A.L.R.4th 423.

No results found for Georgia Code 44-14-120.