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Lessor's Rights to Residual Interest

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In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the lessee.

(Code 1981, §11-2A-532, enacted by Ga. L. 1993, p. 633, § 1.)

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 2A-532.

CHAPTER 3 NEGOTIABLE INSTRUMENTS Part 1 General Provisions and Definitions.

11-3-101. Short title.
11-3-102. Subject matter.
11-3-103. Definitions.
11-3-104. Negotiable instrument.
11-3-105. Issue of instrument.
11-3-106. Unconditional promise or order.
11-3-107. Instrument payable in foreign money.
11-3-108. Payable on demand or at definite time.
11-3-109. Payable to bearer or to order.
11-3-110. Identification of person to whom instrument is payable.
11-3-111. Place of payment.
11-3-112. Interest.
11-3-113. Date of instrument.
11-3-114. Contradictory terms of instrument.
11-3-115. Incomplete instrument.
11-3-116. Joint and several liability; contribution.
11-3-117. Other agreements affecting instrument.
11-3-118. Statute of limitations.
11-3-119. Notice of right to defend action.

Part 2 Negotiation, Transfer, and Indorsement.

11-3-201. Negotiation.
11-3-202. Negotiation subject to rescission.
11-3-203. Transfer of instrument; rights acquired by transfer.
11-3-204. Indorsement.
11-3-205. Special indorsement; blank indorsement; anomalous indorsement.
11-3-206. Restrictive indorsement.
11-3-207. Reacquisition.

Part 3 Enforcement of Instruments.

11-3-301. Person entitled to enforce instrument.
11-3-302. Holder in due course.
11-3-303. Value and consideration.
11-3-304. Overdue instrument.
11-3-305. Defenses and claims in recoupment.
11-3-306. Claims to an instrument.
11-3-307. Notice of breach of fiduciary duty.
11-3-308. Proof of signatures and status as holder in due course.
11-3-309. Enforcement of lost, destroyed, or stolen instrument.
11-3-310. Effect of instrument on obligation for which taken.
11-3-311. Accord and satisfaction by use of instrument.
11-3-312. Lost, destroyed, or stolen cashier's check, teller's check, or certified check.

Part 4 Liability of Parties.

11-3-401. Signature.
11-3-402. Signature by representative.
11-3-403. Unauthorized signature.
11-3-404. Impostors; fictitious payees.
11-3-405. Employer's responsibility for fraudulent indorsement by employee.
11-3-406. Negligence contributing to forged signature or alteration of instrument.
11-3-407. Alteration.
11-3-408. Drawee not liable on unaccepted draft.
11-3-409. Acceptance of draft; certified check.
11-3-410. Acceptance varying draft.
11-3-411. Refusal to pay cashier's checks, teller's checks, and certified checks.
11-3-412. Obligation of issuer of note or cashier's check.
11-3-413. Obligation of acceptor.
11-3-414. Obligation of drawer.
11-3-415. Obligation of indorser.
11-3-416. Transfer warranties.
11-3-417. Presentment warranties.
11-3-418. Payment or acceptance by mistake.
11-3-419. Instruments signed for accommodation.
11-3-420. Conversion of instrument.

Part 5 Dishonor.

11-3-501. Presentment.
11-3-502. Dishonor.
11-3-503. Notice of dishonor.
11-3-504. Excused presentment and notice of dishonor.
11-3-505. Evidence of dishonor.

Part 6 Discharge and Payment.

11-3-601. Discharge and effect of discharge.
11-3-602. Payment.
11-3-603. Tender of payment.
11-3-604. Discharge by cancellation or renunciation.
11-3-605. Discharge of indorsers and accommodation parties.

Cross references.

- Venue for actions against maker, endorser, drawer, etc., of certain instruments, Ga. Const. 1976, Art. VI, Sec. XIV, Para. V (see Ga. Const. 1983, Art. VI, Sec. II, Para. V).

Requirements pertaining to negotiable obligations, notes, or checks issued to purchase registered securities, § 10-5-19.

Requirements pertaining to instruments issued in payment of wages or salary generally, § 34-7-3.

Negotiable nature of evidences of state indebtedness, § 50-17-29.

Law reviews.

- For article, "Negotiable Instruments Problems in the Financing of Home Improvements," see 11 Mercer L. Rev. 316 (1960). For article, "Voidability of Minors' Contracts: A Feudal Doctrine in a Modern Economy," see 1 Ga. L. Rev. 205 (1967). For annual survey of law of business associations, see 43 Mercer L. Rev. 85 (1991). For article, "The Revision of U.C.C. Articles Three and Four: A Process Which Excluded Consumer Protection Requires Federal Action," see 43 Mercer L. Rev. 827 (1992). For annual survey article discussing developments in commercial law, see 51 Mercer L. Rev. 165 (1999).

JUDICIAL DECISIONS

Article 3 applies only to negotiable instruments. Barton v. Scott Hudgens Realty & Mtg., Inc., 136 Ga. App. 565, 222 S.E.2d 126 (1975);(decided under former law).

Action by real estate broker on promissory note.

- If one who has acted as real estate broker or salesman wishes to bring suit to enforce broker's rights under brokerage or salesman's contract, the broker must comply with requirement of O.C.G.A. § 43-40-24, but where contract sued upon is promissory note and not brokerage or salesman's contract, suit is not one for collection of compensation for performance of acts mentioned in O.C.G.A. T. 43, but is suit to enforce obligations of note and is governed by provisions of Art. 3 of the Uniform Commercial Code. Azar-Beard & Assocs. v. Wallace, 146 Ga. App. 671, 247 S.E.2d 154 (1978);(decided under former law).

RESEARCH REFERENCES

ALR.

- Effect of Negotiable Instruments Law upon the theory as to a check being an assignment of the drawer's funds, 5 A.L.R. 1667.

Withdrawal of, or right to withdraw, letter from mail as affecting consummation of contract, 9 A.L.R. 386; 92 A.L.R. 1062.

Alteration of commercial paper by reducing the amount, 9 A.L.R. 1087.

Usury as predicable upon transaction in form a sale or exchange of commercial paper or other choses in action, 165 A.L.R. 626.

Construction and effect of UCC Article 3, dealing with commercial paper, 67 A.L.R.3d 144; 78 A.L.R.3d 1020; 88 A.L.R.3d 1100; 97 A.L.R.3d 798; 97 A.L.R.3d 1114; 23 A.L.R.4th 855; 36 A.L.R.4th 212; 42 A.L.R.5th 137; 45 A.L.R.5th 389.

Unintentional cancellation of negotiable instrument under UCC Article 3, 59 A.L.R.4th 617.

PART 1 GENERAL PROVISIONS AND DEFINITIONS

Editor's notes.

- Ga. L. 1996, p. 1306, § 3, effective July 1, 1996, repealed the Code sections formerly codified at this article, relating to commercial paper, and enacted the current article. The former article consisted of Code Sections 11-3-101 through 11-3-122 (Part 1), 11-3-201 through 11-3-208 (Part 2), 11-3-301 through 11-3-307 (Part 3), 11-3-401 through 11-3-419 (Part 4), 11-3-501 through 11-3-511 (Part 5), 11-3-601 through 11-3-606 (Part 6), 11-3-701 (Part 7), and 11-3-801 through 11-3-805 (Part 8) and was based on Code 1933, §§ 109A- 3 - 101-109A-3 - 122, 109A-3 - 201-109A-3 - 208, 109A-3 - 301-109A-3 - 307, 109A-3 - 401-109A-3 - 419, 109A-3 - 501-109A-3 - 511, 109A-3 - 601-109A-3 - 606, 109A-3 - 701, 109A-3 - 801-109A-3 - 805; respectively enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1963, p. 188, §§ 4-8; Ga. L. 1983, p. 509, § 1; Ga. L. 1989, p. 807, § 1; Ga. L. 1992, p. 6, § 11; Ga. L. 1992, p. 2685, § 2.

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