Sales Made on Foreclosure Under Power of Sale - Manner of Advertisement and Conduct Necessary for Validity; Filing

  1. Law
  2. Georgia Code
  3. Property
  4. Mortgages, Conveyances to Secure Debt, and Liens
  5. Foreclosure
  6. In General
  7. Sales Made on Foreclosure Under Power of Sale - Manner of Advertisement and Conduct Necessary for Validity; Filing

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  1. No sale of real estate under powers contained in mortgages, deeds, or other lien contracts shall be valid unless the sale shall be advertised and conducted at the time and place and in the usual manner of the sheriff's sales in the county in which such real estate or a part thereof is located and unless notice of the sale shall have been given as required by Code Section 44-14-162.2. If the advertisement contains the street address, city, and ZIP Code of the property, such information shall be clearly set out in bold type. In addition to any other matter required to be included in the advertisement of the sale, if the property encumbered by the mortgage, security deed, or lien contract has been transferred or conveyed by the original debtor to a new owner and an assumption by the new owner of the debt secured by said mortgage, security deed, or lien contract has been approved in writing by the secured creditor, then the advertisement should also include a recital of the fact of such transfer or conveyance and the name of the new owner, as long as information regarding any such assumption is readily discernable by the foreclosing creditor. Failure to include such a recital in the advertisement, however, shall not invalidate an otherwise valid foreclosure sale.
  2. The security instrument or assignment thereof vesting the secured creditor with title to the security instrument shall be filed prior to the time of sale in the office of the clerk of the superior court of the county in which the real property is located.

(Ga. L. 1935, p. 381, § 2; Ga. L. 1981, p. 834, § 1; Ga. L. 2001, p. 856, § 1; Ga. L. 2008, p. 624, § 1/SB 531.)

The 2001 amendment, effective July 1, 2001, added the second through fourth sentences.

The 2008 amendment, effective May 13, 2008, designated the existing provisions as subsection (a), and added subsection (b).

Editor's notes.

- Ga. L. 2001, p. 856, § 2, not codified by the General Assembly, provides that the 2001 amendment "shall become effective July 1, 2001, and shall apply with respect to sales under power which are first advertised on or after that date."

RESEARCH REFERENCES

Am. Jur. 2d.

- 55 Am. Jur. 2d, Mortgages, § 573 et seq.

C.J.S.

- 59A C.J.S., Mortgages, § 626 et seq.

ALR.

- Statute affecting mortgagee's rights and remedies in respect of deficiency as unconstitutional impairment of obligation of contract, 108 A.L.R. 891; 115 A.L.R. 435; 130 A.L.R. 1482; 133 A.L.R. 1473.

Recognition of action for damages for wrongful foreclosure - types of actions, 82 A.L.R.6th 43.

Necessity of production of original note involved in mortgage foreclosure - twenty-first century cases, 86 A.L.R.6th 411.


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