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Call Now: 904-383-7448In all cases where the defendant may desire to transfer, remove, or convey any of the secured property after the service of the summons and after having an opportunity to answer, the defendant shall post bond for the delivery of the property at the time and place of sale. The bond shall be with good security for a sum equal to the value of the property or the amount of the alleged remaining balance, whichever is less. The value of the property shall be estimated by the judge, the magistrate, or the clerk. Upon the approval of the bond by the judge, the magistrate, or the clerk, the defendant may transfer, remove, or convey such property as may be approved by the judge, the magistrate, or the clerk.
(Code 1933, § 67-709, enacted by Ga. L. 1974, p. 398, § 1; Code 1933, § 67-708, as redesignated by Ga. L. 1975, p. 1213, § 3; Ga. L. 1987, p. 1023, § 6.)
- For article on this part and personal property foreclosures, see 11 Ga. St. B.J. 230 (1975).
- Consulting company sued a store for breach of contract; the store's debt to the company was secured by UCC financing statements on the store's inventory. The company was entitled to an immediate writ of possession because after the suit was filed, the store sold and transferred merchandise subject to the company's security interest without posting bond as required by O.C.G.A. §§ 44-14-234(3) and44-14-237. Deere Park & Assocs. v. C H Furniture Source, LLC, 296 Ga. App. 382, 674 S.E.2d 635 (2009).
Cited in Ward v. Charles D. Hardwick Co., 156 Ga. App. 96, 274 S.E.2d 20 (1980).
- 14 C.J.S., Chattel Mortgages, § 408.
No results found for Georgia Code 44-14-237.