When the maker of the deed, after being directed so to do, fails to pay the sums demanded in the petition together with interest and costs as required by Code Section 44-14-120 and also fails to set up and sustain his or her defense against the enforcement of the rights of the trustee and the holders or owners of the bonds, notes, or debts secured by the deed, the court shall give judgment for the amounts which may be due under the deed to be levied on the real property covered thereby. Upon the trustees making and recording a deed reconveying the real property to the maker in the office of the clerk of the superior court of the county where the land is located, the court shall order the real property to be sold in the same manner and under the same regulations which govern sheriff's sales under execution; provided, however, that, if the deed is filed and recorded as provided by law, the judgment shall be a lien upon the real property which shall be superior to any claim or lien, except taxes, whatsoever arising or created subsequent to the date of the deed to the trustee.
(Ga. L. 1896, p. 76, § 5; Civil Code 1910, § 3315; Code 1933, § 67-1205; Ga. L. 1982, p. 3, § 44; Ga. L. 2002, p. 415, § 44.)
The 2002 amendment, effective April 18, 2002, part of an Act to revise, modernize, and correct the Code, deleted the subsection (a) designation and inserted "or her".
RESEARCH REFERENCES
Am. Jur. 2d.
- 55 Am. Jur. 2d, Mortgages, §§ 518, 525.
C.J.S.- 59 C.J.S., Mortgages, § 324 et seq.
ALR.
- Right of trustee under deed of trust, absent a provision in that regard, to bid at foreclosure sale in behalf of holders of bonds or other obligations secured thereby, and duty of court a regards authorization, 96 A.L.R. 1456; 135 A.L.R. 393.