O.C.G.A.

O.C.G.A. § 44-14-191 (2019)

Treatment of proceeds of sale when debt due in installments

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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If the mortgage is given to secure a debt due by installments and is foreclosed before any one of the installments falls due and there is a surplus of funds as provided in Code Section 44-14-190, the court may retain the funds or order them to be invested to meet the unpaid installments.

History

Orig. Code 1863, § 3874; Code 1868, § 3894; Code 1873, § 3970; Code 1882,

§ 3970; Civil Code 1895, § 2752; Civil Code 1910, § 3285; Code 1933, § 67-502.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. 55 Am. Jur. 2d, Mortgages, § 785. ALR. Right of holder of interest coupons through one who had guaranteed their payment to share with holder of principal obligation in proceeds of mortgage security, 41 A.L.R. 1254. Financial depression or lack of market as ground for enjoining sale under a mortgage or deed of trust to secure debt, 82 A.L.R. 976; 90 A.L.R. 1330; 94 A.L.R.

1352; 96 A.L.R. 853; 97 A.L.R. 1123; 104 A.L.R. 375. Protection of mortgagor or owner of mortgaged property, on foreclosure sale, by fixing upset or minimum price, requiring credit of specified amount on mortgage debt, or denying or limiting amount of deficiency judgment, 89 A.L.R. 1087; 90 A.L.R. 1330; 94 A.L.R. 1352; 96 A.L.R. 853; 97 A.L.R. 1123; 104 A.L.R. 375. Excess of payment for one period as applicable to subsequent period under

contract or mortgage providing for periodic payments, 89 A.L.R.3d 947.

PART 3 FORECLOSURE OF DEEDS TO SECURE DEBT, PURCHASE CONTRACTS, AND BONDS FOR TITLE JUDICIAL DECISIONS Priority. - As between secured creditors in a real property senior creditor foreclosure situation, junior creditors’ rights are only as protected under the foreclosure requirements. Chattanooga

Fed. Sav. & Loan Ass’n v. Northwest Recreational Activities, Inc., 4 B.R. 33, 1980 Bankr. LEXIS 5709 (Bankr. N.D. Ga. 1980).

RESEARCH REFERENCES ALR. Reservation of vendor’s lien as preventing severance of estate in mineral from estate in surface by deed otherwise having that effect, 29 A.L.R. 618. Jurisdiction of court in suit to foreclose mortgage securing issue of bonds to pass upon proposed reorganization plan, 109 A.L.R. 1139.

Rights in proceeds of vehicle collision policy, under “loss-payable” clause, of conditional seller, chattel mortgagee, or the like, of vehicle where there has been improper repossession or foreclosure after the damage, 46 A.L.R.2d 992. Foreclosure sale of mortgaged real estate as a whole or in parcels, 61 A.L.R.2d 505.