Authority to Foreclose; Execution; Sale

1. Law
2. Georgia Code
3. Property
4. Mortgages, Conveyances to Secure Debt, and Liens
5. Foreclosure
6. Foreclosures on Personalty
7. In General
8. Authority to Foreclose; Execution; Sale

1. Any person holding a security interest on personal property under a transaction governed by this part or by Title 11, the "Uniform Commercial Code," and wishing to foreclose the security interest shall be authorized to foreclose the security interest and shall be entitled to an execution directed to all and singular the sheriffs, the marshals, the constables, or their lawful deputies, of this state, which execution shall command the sale of the secured property to satisfy the amount due from the debtor, together with the costs of the proceedings to foreclose the security interest in accordance with the procedure specified in this part, together with an order directing the defendant or the party in possession to turn over to the sheriff, the marshal, the constable, or their lawful deputies the property sought to be foreclosed upon as provided for in subsection (d) of Code Section 44-14-233.
2. 1. As used in this subsection, the term "rental transaction" means the lease or rental of goods or personal property.
   2. Any owner of personal property leased or rented in a rental transaction who wishes to regain possession of such property as authorized by the terms of the transaction may obtain a writ of possession under this subpart in the same manner as is authorized for a holder of a security interest in personal property.
   3. Solely for the purpose of applying the procedures specified by this part to rental transactions and not for any other purposes, the owner of the property shall be considered to be a secured party and the rented or leased property shall be considered to be secured property. Proceedings to regain property under a rental transaction shall be as provided in this subpart, except that after a writ of possession is granted the rented or leased property shall be delivered to the owner and shall not be levied upon.

(Laws 1799, Cobb's 1851 Digest, p. 571; Laws 1839, Cobb's 1851 Digest, p. 572; Code 1863, § 3875; Code 1868, § 3895; Ga. L. 1871-72, p. 20, § 1; Code 1873, § 3971; Code 1882, § 3971; Ga. L. 1882-83, p. 74, § 1; Ga. L. 1882-83, p. 109, § 1; Civil Code 1895, § 2753; Civil Code 1910, § 3286; Code 1933, § 67-701; Ga. L. 1974, p. 398, § 1; Ga. L. 1983, p. 724, § 1; Ga. L. 1984, p. 892, § 2; Ga. L. 1987, p. 3, § 44; Ga. L. 1987, p. 1023, § 1.)

Law reviews.

- For article on this part and personal property foreclosures, see 11 Ga. St. B. J. 230 (1975). For article, "The Civil Jurisdiction of State and Magistrate Courts," see 24 Ga. St. B. J. 29 (1987). For article, "Foreclosure Diversion and Mediation in the States," see 33 Georgia St. U. L. Rev. 411 (2017).

JUDICIAL DECISIONS

RESEARCH REFERENCES

Am. Jur. 2d.

- 69 Am. Jur. 2d, Secured Transactions, §§ 572 et seq., 637 et seq.

C.J.S.

- 14 C.J.S., Chattel Mortgages, §§ 355-359, 364, 398, 412-422, 425.

ALR.

- Relief to person who by mistake has foreclosed real estate mortgage in manner inimical to his own interests, 42 A.L.R. 1192.

Chattel mortgagee's failure to pursue proper course after taking possession as affecting personal liability of mortgagor, 47 A.L.R. 582.

Purchase by pledgee of subject of pledge, 76 A.L.R. 705; 37 A.L.R.2d 1381.

Exclusiveness of statutory method of enforcing chattel mortgage, 88 A.L.R. 912.

Validity, construction, and application of insecurity clause in chattel mortgage, 125 A.L.R. 313.

Rights and remedies of mortgagee where mortgaged property is bid in on foreclosure as less than mortgage debt and it is redeemed by mortgagor or latter's grantee, 128 A.L.R. 796.

Attachment as affected by release or modification of lien to which property was subject when attachment was levied, 128 A.L.R. 1392.

Mortgagee's purchase at his own foreclosure sale as affecting right of subrogation against him arising out of facts antedating the sale, 141 A.L.R. 1217.

Rights in proceeds of vehicle collision policy, under "loss-payable" clause, of conditional seller, chattel mortgagee, or the like, of vehicle where there has been improper repossession or foreclosure after the damage, 46 A.L.R.2d 992.

What conduct by repossessing chattel mortgagee or conditional vendor entails tort liability, 99 A.L.R.2d 358.

Replevin or claim-and-delivery: modern view as to validity of statute or contractual provision authorizing summary repossession of consumer goods sold under retail installment sales contract, 45 A.L.R.3d 1233.

Failure to keep up insurance as justifying foreclosure under acceleration provision in mortgage or deed of trust, 69 A.L.R.3d 774.

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