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2018 Georgia Code 44-14-162.3 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 44-14-162.3 Case Law from Google Scholar Amendments to OCGA 44-14-162.3

TITLE 44 PROPERTY

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

ARTICLE 7 FORECLOSURE

44-14-162.3. Sales made on foreclosure under power of sale - Waiver or release of notice requirement.

No waiver or release of the notice requirement of Code Section 44-14-162.2 shall be valid when made in or contemporaneously with the security instrument containing the power of nonjudicial foreclosure sale; but, notwithstanding the requirements of Code Sections 44-14-162.1, 44-14-162.2, this Code section, and Code Section 44-14-162.4, a subsequent quitclaim deed in lieu of foreclosure shall be valid and effective as such.

(Ga. L. 1981, p. 834, § 2; Ga. L. 2002, p. 415, § 44; Ga. L. 2009, p. 614, § 2/SB 141; Ga. L. 2012, p. 1079, § 1/SB 333.)

The 2002 amendment, effective April 18, 2002, part of an Act to revise, modernize, and correct the Code, substituted ", 44-14-162.2, this Code section, and Code Section" for "through" in subsection (c).

The 2009 amendment, effective July 1, 2009, deleted former subsection (b) which read: "The notice requirement of Code Section 44-14-162.2 shall apply to all nonjudicial foreclosure sales under a mortgage, security deed, or other lien contract taking place after July 1, 1981, this Code section being procedural and remedial in purpose."; and redesignated former subsection (c) as present subsection (b).

The 2012 amendment, effective July 1, 2012, deleted former subsection (a), which read: "The notice requirement of Code Section 44-14-162.2 shall apply only to the exercise of a power of sale of property all or part of which is to be used as a dwelling place by the debtor at the time the mortgage, security deed, or lien contract is entered into."; and deleted the subsection (b) designation. See Editor's notes for applicability.

Editor's notes.

- Ga. L. 2012, p. 1079, § 3/SB 333, not codified by the General Assembly, provides that: "This Act shall become effective on July 1, 2012, and shall apply to sales made on foreclosure under power of sale executed on or after July 1, 2012."

Law reviews.

- For annual survey on real property law, see 61 Mercer L. Rev. 301 (2009). For article, "Georgia Foreclosure Confirmation Proceedings in Today's Recessionary Real Estate World: Back to the Future," see 16 (No. 4) Ga. St. B.J. 11 (2010). For annual survey on real property, see 64 Mercer L. Rev. 255 (2012).

JUDICIAL DECISIONS

Foreclosure of unimproved lots.

- The notice requirements of O.C.G.A. § 44-14-162.2 were not applicable to the foreclosure of unimproved lots. Stepp v. Farm & Home Life Ins. Co., 222 Ga. App. 257, 474 S.E.2d 108 (1996).

Cited in Funderburke v. Kellet, 257 Ga. 822, 364 S.E.2d 845 (1988); RBC Real Estate Fin., Inc. v. Winmark Homes, Inc., 318 Ga. App. 507, 736 S.E.2d 117 (2012).

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