Conflicting Claims; Interpleader

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If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either in defending an action for nondelivery of the goods or by original action.

(Code 1933, § 109A-7 - 603, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 2010, p. 481, § 1-1/HB 451.)

The 2010 amendment, effective May 27, 2010, inserted "to" near the beginning, substituted "the bailee has" for "he has had", substituted "commence an action for interpleader. The bailee may assert an interpleader" for "bring an action to compel all claimants to interplead and may compel such interpleader", and deleted ", whichever is appropriate" following "action" at the end. See the Editor's notes for applicability.

Cross references.

- Interpleader generally, § 9-11-22.

Editor's notes.

- Ga. L. 2010, p. 481, § 3-1, not codified by the General Assembly, provides that: "This Act applies to a document of title that is issued or a bailment that arises on or after the effective date of this Act. This Act does not apply to a document of title that is issued or a bailment that arises before the effective date of this Act even if the document of title or bailment would be subject to this Act if the document of title had been issued or bailment had arisen on or after the effective date of this Act. This Act does not apply to a right of action that has accrued before the effective date of this Act." This Act became effective May 27, 2010.

Ga. L. 2010, p. 481, § 3-2, not codified by the General Assembly, provides that: "A document of title issued or a bailment that arises before the effective date of this Act and the rights, documents, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this Act as if such amendment or repeal had not occurred and may be terminated, completed, consummated, or enforced under that statute or other rule." This Act became effective May 27, 2010.

JUDICIAL DECISIONS

Warehouser acted appropriately under O.C.G.A. § 11-7-603 when it refused to deliver beef in its possession as bailee to appellant-garnishor in light of another claim filed with it which was adverse to that of appellant. Northwestern Nat'l Sales, Inc. v. Commercial Cold Storage, Inc., 162 Ga. App. 741, 293 S.E.2d 30 (1982).

RESEARCH REFERENCES

Am. Jur. 2d.

- 817 Am. Jur. 2d, Bailments, § 177. 78 Am. Jur. 2d, Warehouses, § 264.

C.J.S.

- 48 C.J.S., Interpleader, § 10.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 7-603.

ALR.

- Right of judgment debtor to interplead, 48 A.L.R. 966.

Allowance of interest on interpleaded or impleaded disputed funds, 15 A.L.R.2d 473.

CHAPTER 8 INVESTMENT SECURITIES Part 1 Short Title and General Matters.
  • 11-8-101. Short title.
  • 11-8-102. Definitions.
  • 11-8-103. Rules for determining whether certain obligations and interests are securities or financial assets.
  • 11-8-104. Acquisition of security or financial asset or interest therein.
  • 11-8-105. Notice of adverse claim.
  • 11-8-106. Control.
  • 11-8-107. Whether indorsement, instruction, or entitlement order is effective.
  • 11-8-108. Warranties in direct holding.
  • 11-8-109. Warranties in indirect holding.
  • 11-8-110. Applicability; choice of law.
  • 11-8-111. Clearing corporation rules.
  • 11-8-112. Creditor's legal process.
  • 11-8-113. Statute of frauds inapplicable.
  • 11-8-114. Evidentiary rules concerning certificated securities.
  • 11-8-115. Securities intermediary and others not liable to adverse claimant.
  • 11-8-116. Securities intermediary as purchaser for value.
Part 2 Issue and Issuer.
  • 11-8-201. Issuer.
  • 11-8-202. Issuer's responsibility and defenses; notice of defect or defense.
  • 11-8-203. Staleness as notice of defect or defense.
  • 11-8-204. Effect of issuer's restriction on transfer.
  • 11-8-205. Effect of unauthorized signature on security certificate.
  • 11-8-206. Completion or alteration of security certificate.
  • 11-8-207. Rights and duties of issuer with respect to registered owners.
  • 11-8-208. Effect of signature of authenticating trustee, registrar, or transfer agent.
  • 11-8-209. Issuer's lien.
  • 11-8-210. Overissue.
Part 3 Transfer of Certificated and Uncertificated Securities.
  • 11-8-301. Delivery.
  • 11-8-302. Rights of purchaser.
  • 11-8-303. Protected purchaser.
  • 11-8-304. Indorsement.
  • 11-8-305. Instruction.
  • 11-8-306. Effect of guaranteeing signature, indorsement, or instruction.
  • 11-8-307. Purchaser's right to requisites for registration of transfer.
Part 4 Registration.
  • 11-8-401. Duty of issuer to register transfer.
  • 11-8-402. Assurance that indorsement or instruction is effective.
  • 11-8-403. Demand that issuer not register transfer.
  • 11-8-404. Wrongful registration.
  • 11-8-405. Replacement of lost, destroyed, or wrongfully taken security certificate.
  • 11-8-406. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate.
  • 11-8-407. Authenticating trustee, transfer agent, and registrar.
Part 5 Security Entitlements.
  • 11-8-501. Securities account; acquisition of security entitlement from securities intermediary.
  • 11-8-502. Assertion of adverse claim against entitlement holder.
  • 11-8-503. Property interest of entitlement holder in financial asset held by securities intermediary.
  • 11-8-504. Duty of securities intermediary to maintain financial asset.
  • 11-8-505. Duty of securities intermediary with respect to payments and distributions.
  • 11-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder.
  • 11-8-507. Duty of securities intermediary to comply with entitlement order.
  • 11-8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding.
  • 11-8-509. Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder.
  • 11-8-510. Rights of purchaser of security entitlement from entitlement holder.
  • 11-8-511. Priority among security interests and entitlement holders.
Part 6 Transition Provisions for Revised Article 8 and Conforming Amendments to Articles 1, 3, 4, 5, 9, and 10.
  • 11-8-601. Effective date.
  • 11-8-602. Repeals [Repealed].
  • 11-8-603. Savings clause.
Cross references.

- Regulation of sale of securities generally, Ch. 5, T. 10.

Uniform transfer on death security registration, § 53-5-60 et seq.

Editor's notes.

- Ga. L. 1992, p. 2626, effective July 1, 1992, repealed the Code sections formerly codified at this article, and enacted the former provisions of this article. The former article consisted of Code Sections 11-8-101 through 11-8-106 (Part 1); 11-8-201 through 11-8-208 (Part 2); 11-8-301 through 11-8-320 (Part 3); and 11-8-401 through 11-8-406 (Part 4) and was based on Ga. L. 1962, p. 156, § 1; Ga. L. 1963, p. 188, §§ 19-22; Ga. L. 1964, p. 70, § 2, Ga. L. 1966, p. 168, §§ 1-4; Ga. L. 1973, p. 689, § 1; Ga. L. 1981, Ex. Sess., p. 8; and Ga. L. 1982, p. 3, § 11.

Ga. L. 1998, p. 1323, § 1, effective July 1, 1998, repealed the Code sections formerly codified at this article and enacted the current article. The former article consisted of Code Sections11-8-101 through11-8-408, relating to the Uniform Commercial Code - Investment Securities, and was based on Code 1981, § 11-8-101 et seq., enacted by Ga. L. 1992, p. 2626, § 3.

RESEARCH REFERENCES

ALR.

- What is a "security" under UCC Art. 8, 11 A.L.R.4th 1036.

PART 1 SHORT TITLE AND GENERAL MATTERS


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