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Call Now: 904-383-7448If 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.
(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.)
- This 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).
- 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).
Cited in Russell v. C.D. Carr & Co., 38 Ga. 459 (1868).
- 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 contemporaneously, 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.
No results found for Georgia Code 44-14-48.