Title 11 — Commercial Code
0 chapters · 563 sections in this title.
O.C.G.A. § 11-3-415 Obligation of indorser
1.6K chars
(a) Subject to subsections (b), (c), (d), and (e) of this Code section and to subsection (d) of Code Section 11-3-419, if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument (i) according to the terms of the instrument at the time it was in…
O.C.G.A. § 11-3-416 Transfer warranties
1.7K chars
(a) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee that: (1) The warrantor is a person entitled to enforce the instrument; (2) All signatures on the instrument are authentic an…
O.C.G.A. § 11-3-417 Presentment warranties
3.4K chars
(a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee…
O.C.G.A. § 11-3-418 Payment or acceptance by mistake
1.9K chars
(a) Except as provided in subsection (c) of this Code section, if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that (i) payment of the draft had not been stopped pursuant to Code Section 11-4-403; or (ii) the signature of the drawer …
O.C.G.A. § 11-3-419 Instruments signed for accommodation
2.5K chars
(a) If an instrument is issued for value given for the benefit of a party to the instrument known as the “accommodated party,” and another party to the instrument known as the “accommodation party” signs the instrument for the purpose of incurring liability on the instrument witho…
O.C.G.A. § 11-3-420 Estate of Bass v
4.9K chars
Regions Bank, Inc., 947 F.3d 1352, 2020 U.S. App. LEXIS 1731 (11th Cir. 2020). Assignment for collection as defense. — Contention that note has been assigned to collection agencies presents no defense where plaintiff is holder of the note and none of the provisions of O.C.G.A. § …
O.C.G.A. § 11-3-501 Presentment
2.1K chars
(a) “Presentment” means a demand made by or on behalf of a person entitled to enforce an instrument to (i) pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank; or (ii) accept a d…
O.C.G.A. § 11-3-502 Dishonor
3.3K chars
(a) Dishonor of a note is governed by the following rules: (1) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. (2) If the note is not payable on demand and is payable at or throu…
O.C.G.A. § 11-3-503 Notice of dishonor
1.7K chars
(a) The obligation of an indorser stated in subsection (a) of Code Section 11-3-415 and the obligation of a drawer stated in subsection (d) of Code Section 11-3-414 may not be enforced unless (i) the indorser or drawer is given notice of dishonor of the instrument complying with …
O.C.G.A. § 11-3-504 Excused presentment and notice of dishonor
1.4K chars
(a) Presentment for payment or acceptance of an instrument is excused if (i) the person entitled to present the instrument cannot with reasonable diligence make presentment; (ii) the maker or acceptor has repudiated an obligation to pay the instrument, is dead, or is in insolvenc…
O.C.G.A. § 11-3-505 Evidence of dishonor
1.3K chars
(a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) A document regular in form as provided in subsection (b) of this Code section which purports to be a protest; (2) A purported stamp or writing of the drawee…
O.C.G.A. § 11-3-601 Discharge and effect of discharge
0.5K chars
(a) The obligation of a party to pay the instrument is discharged as 453 11-3-601 stated in this article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. (b) Discharge of the obligation of a party is not effective …
O.C.G.A. § 11-3-602 Payment
2.2K chars
(a) Subject to subsection (b) of this Code section, an instrument is paid to the extent payment is made (i) by or on behalf of a party obliged to pay the instrument; and (ii) to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party…
O.C.G.A. § 11-3-603 Tender of payment
1.2K chars
(a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. (b) If tender of payment of an obligation to pay a…
O.C.G.A. § 11-3-604 Discharge by cancellation or renunciation
0.8K chars
(a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument by (i) an intentional voluntary act such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instr…
O.C.G.A. § 11-3-605 Discharge of indorsers and accommodation parties
4.6K chars
(a) In this Code section, the term “indorser” includes a drawer having the obligation described in subsection (d) of Code Section 11-3-414. (b) Discharge, under Code Section 11-3-604, of the obligation of a party to pay an instrument does not discharge the obligation of an indors…