(Code 1981, §11-9-513, enacted by Ga. L. 2001, p. 362, § 1.)
Law reviews.- For article on the 1963 amendment to the Georgia Uniform Commercial Code, see 14 Mercer L. Rev. 378 (1963). For article, "Security Transfers by Secured Parties," see 4 Ga. L. Rev. 527 (1970). For article, "The Revisions to Article IX of the Uniform Commercial Code," see 15 Ga. St. B.J. 120 (1977). For survey article on commercial law, see 34 Mercer L. Rev. 31 (1982). For survey article on recent developments in Georgia law of remedies, see 34 Mercer L. Rev. 397 (1982).
JUDICIAL DECISIONS
Editor's notes.
- In the light of the similarity of the provisions, decisions under former Article 9 are included in the annotations for this Code section. For a table of comparable provisions, see the table at the beginning of the Article.
A loan, null and void as a matter of law, creates no "outstanding secured obligation," whether or not declared to be null and void by order of court. United States Life Credit Corp. v. Johnson, 248 Ga. 852, 287 S.E.2d 1 (1982).
Loan agreement language held insufficient to terminate.- Although the provisions of a subsequent loan agreement stated: "It is understood that this Loan Agreement supersedes and cancels any previous Loan Agreements," this language did not cancel the security agreements or financial statements previously executed by the parties, but merely served to consolidate the previous loan agreements between the parties, and where instead of filing a termination statement, creditor filed a continuation statement, continuing the earlier financing statement, the creditor's security interest, perfected earlier in debtor's equipment, was still valid and effective. Tidwell v. Slocumb (In re Ga. Steel, Inc.), 71 Bankr. 903 (Bankr. M.D. Ga. 1987) (decided under former Code Section 11-9-404).
Award of damages held proper.
- Where industrial loan was void from its inception as usurious, it created no "outstanding secured obligation," and an order by the trial court awarding damages under this section was proper where the lender refused to provide a termination statement that he no longer claimed a security interest under the financing statement. United States Life Credit Corp. v. Johnson, 161 Ga. App. 864, 290 S.E.2d 280 (1982) (decided under former Code Section11-9-404).
OPINIONS OF THE ATTORNEY GENERAL
Editor's notes.
- In the light of the similarity of the provisions, opinions under former Article 9 are included in the annotations for this Code section. For a table of comparable provisions, see the table at the beginning of the Article.
Person obligated to pay filing fee.- Either secured party or debtor may file termination statement under the former provisions of Code Section 11-9-404; whoever files it is obligated for filing fee. 1970 Op. Att'y Gen. No. U70-178.
Clerk must obtain written authorization executed by or on behalf of grantee in order to cancel a security instrument and in case of real property may require additional formalities such as attestations to assure against forgery. 1981 Op. Att'y Gen. No. U81-50.
Sufficiency of release of corporate security interests under UCC.- See 1986 Op. Att'y Gen. No. U86-17.
RESEARCH REFERENCES
Am. Jur. 2d.
- 68A Am. Jur. 2d, Secured Transactions, §§ 419-420, 426-432.
C.J.S.- 72 C.J.S., Pledges, § 44. 76 C.J.S., Records, § 27.
U.L.A.- Uniform Commercial Code (U.L.A.) § 9-513.
ALR.- Consignment transactions under Uniform Commercial Code Article 9 on secured transactions, 58 A.L.R.6th 289.