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Call Now: 904-383-7448No action to foreclose and no action to recover property under a conveyance of real property to secure debt shall be commenced and no power contained in or conferred by a conveyance of real property to secure debt shall be exercised after the title thereby conveyed has reverted as provided in this part.
(Ga. L. 1941, p. 487, § 6.)
- Because a security deed did not specify a fixed period for repayment or state that the security interest was perpetual under O.C.G.A. § 44-14-80(a), title to the property reverted to the grantor after seven years and the grantee's security interest in the property was lost. Vineville Capital Group, llc v. McCook, 329 Ga. App. 790, 766 S.E.2d 156 (2014).
Cited in McKenney v. Woodbury Banking Co., 208 Ga. 616, 68 S.E.2d 571 (1952); Williams v. O'Connor, 208 Ga. 801, 69 S.E.2d 726 (1952); Minton v. Raytheon Co., 222 Ga. App. 85, 473 S.E.2d 177 (1996).
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Court: Supreme Court of Georgia | Date Filed: 1994-02-21
Citation: 440 S.E.2d 22, 263 Ga. 802, 94 Fulton County D. Rep. 650, 1994 Ga. LEXIS 97
Snippet: deed is not barred by the provisions of OCGA § 44-14-83, even if the evidence at trial reveals that an