O.C.G.A.

O.C.G.A. § 44-14-48 (2019)

Foreclosure by one of several mortgagees; control and distribution of proceeds by court

✓ 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 there are several mortgages of equal rank or if separate amounts due to distinct persons are embraced in the same mortgage and one mortgagee forecloses, the court will control the proceeds of the sale for distribution to the several mortgagees according to their claims.

History

Orig. Code 1863, § 1968; Code 1868, § 1956; Code 1873, § 1966; Code 1882, § 1966; Civil Code 1895, § 2740; Civil Code 1910, § 3273; Code 1933, § 67-122.

History of Section. This Code section is derived in part from the decision in Bass v. West Point Whsle. Grocery Co., 5 Ga. App. 746, 62 S.E. 1004 (1908).

Annotations

JUDICIAL DECISIONS Evidence showing single mortgage in fact several. - Where a single mortgage is taken for two separate amounts due to two distinct parties, in legal effect it is equivalent to two mortgages taken contemporaneously upon the same property; and upon a suit by one of the parties

secured thereunder against the other, it is permissible to show that the mortgage was collected as to only one of the amounts secured, and not as to the other. Bass v. West Point Whsle. Grocery Co., 5 Ga. App. 746, 62 S.E. 1004, 1908 Ga. App. LEXIS 141 (1908).

RESEARCH REFERENCES ALR. Foreclosure of one mortgage as affecting another mortgage on the property held by the same party, 39 A.L.R. 1485. Priority as between holders of different notes or obligations secured by the same mortgage or mortgages executed contem-

poraneously, 108 A.L.R. 485; 115 A.L.R. 40. Sale in inverse order of alienation, 131 A.L.R. 4. Mortgages: effect on subordinate lien of redemption by owner or assignee from sale under prior lien, 56 A.L.R.4th 703.