Title 11 — Commercial Code
0 chapters · 563 sections in this title.
O.C.G.A. § 11-9-340 SETTLEMENTS
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Bank deposits and collections. Collection of items by depositary and collecting banks. Settlement of items. Medium and time of settlement, §11-4-213. 1063 INDEX SETTLEMENTS —Cont’d Bank deposits and collections —Cont’d Collection of items by depositary and collecting banks —Cont’…
O.C.G.A. § 11-9-341 Bank’s rights and duties with respect to deposit account
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Except as otherwise provided in subsection (c) of Code Section 11-9-340, and unless the bank otherwise agrees in an authenticated record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by: (1) The cr…
O.C.G.A. § 11-9-401 Alienability of debtor’s rights
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(a) Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) of this Code section and Code Sections 11-9-406, 11-9-407, 11-9-408, and 11-9-409, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by…
O.C.G.A. § 11-9-402 Torts of debtor
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Secured party not obligated on, §11-9-402. Transitional provisions, 2001, §11-9-701. Amendment of pre-effective financing statement, §11-9-707. Effectiveness of action taken before effective date, §11-9-705. Financing statement, continuing effectiveness, §11-9-706. Interest perfec…
O.C.G.A. § 11-9-403 Agreement not to assert defenses against assignee
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(a) “Value.” As used in this Code section, the term “value” has the meaning provided in subsection (a) of Code Section 11-3-303. (b) Agreement not to assert claim or defense. Except as otherwise provided in this Code section, an agreement between an account debtor and an assignor…
O.C.G.A. § 11-9-404 Contract of debtor
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Secured party not obligated on, §11-9-402. Torts of debtor.
O.C.G.A. § 11-9-405 Modification of assigned contract
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(a) Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modifi…
O.C.G.A. § 11-9-406 Investment property
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Control, §11-9-106. Defined, §11-9-102. Perfection and priority of security interests in, §11-9-312. Law governing, §11-9-305. COMMERCIAL CODE —Cont’d Secured transactions —Cont’d Investment property —Cont’d Perfection and priority of security interests in —Cont’d Perfection by co…
O.C.G.A. § 11-9-407 Letter of credit rights, §11-9-409
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Promissory notes, health care insurance receivables and general intangibles, §11-9-408. Rights of assignee, §11-9-404. ANATOMICAL GIFTS. Sales contracts. Implied warranties. Exclusions, §11-2-316. ATTACHMENT. Funds transfers. Creditor process served on receiving bank, §11-4A-502.…
O.C.G.A. § 11-9-408 RECORDS
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Secured transactions. Filing office. Duties and operation, central indexing, §§11-9-519 to 11-9-526. RECOUPMENT. Negotiable instruments, §11-3-305. Secured transactions. Bank exercising against secured party. Deposit account maintained in bank, §11-9-340. PROPERTY TAXES.
O.C.G.A. § 11-9-501 Filing office
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(a) Filing offices. Except as otherwise provided in subsection (b) of this Code section, if the law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien …
O.C.G.A. § 11-9-502 Secured transactions
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Generally, §§11-9-101 to 11-9-809. Record of mortgage as fixture filing or financing statement, §11-9-502. 1048 INDEX MOTOR CARRIERS. Documents of title. General provisions, §§11-7-101 to 11-7-603. N NAMES. Secured transactions. Financing statement, §11-9-503. NEGLIGENCE. Bank depos…
O.C.G.A. § 11-9-503 Name of debtor and secured party
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(a) Sufficiency of debtor’s name. A financing statement sufficiently provides the name of the debtor: (1) Except as otherwise provided in paragraph (3) of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered organiza…
O.C.G.A. § 11-9-504 Indication of collateral
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A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) A description of the collateral pursuant to Code Section 11-9108; or (2) An indication that the financing statement covers all assets or all personal property. History…
O.C.G.A. § 11-9-505 Effectiveness, §11-9-516
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Effectiveness of filed record, §11-9-510. Persons entitled to file, §11-9-509.
O.C.G.A. § 11-9-506 Effect of errors or omissions
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(a) Minor errors and omissions. A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. (b) Financing statement seriously m…
O.C.G.A. § 11-9-507 Filing, §§11-9-501, 11-9-502, 11-9-505
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Effectiveness, §11-9-516. Effectiveness of filed record, §11-9-510. Persons entitled to file, §11-9-509.
O.C.G.A. § 11-9-508 Secured party of record, §11-9-511
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Assignment of powers of, §11-9-514. Termination statement, §11-9-513. Time of filing, §11-9-502. Transitional provisions, 2001. Amendment of pre-effective statement, §11-9-707. Financing statement, continuing effectiveness, §11-9-706. Persons entitled to file financing statement, §1…
O.C.G.A. § 11-9-509 Persons entitled to file a record
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(a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if: 858 11-9-509 (1) The debtor authorizes the filing in an authenticated…
O.C.G.A. § 11-9-510 Effectiveness of filed record
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(a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under Code Section 11-9-509. (b) Authorization by one secured party of record. A record authorized by one secured party of record does not affect t…
O.C.G.A. § 11-9-511 Secured party of record
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(a) Secured party of record. A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing sta…
O.C.G.A. § 11-9-512 Amendment of financing statement
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(a) Amendment of information in financing statement. Subject to Code Section 11-9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e) of this Code section, otherwise amend the information provided in a fin…
O.C.G.A. § 11-9-513 Termination statement
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(a) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (1) There is no obligation secured by the collateral covered by the …
O.C.G.A. § 11-9-514 Assignment of powers of secured party of record
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(a) Assignment reflected on initial financing statement. An initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address …
O.C.G.A. § 11-9-515 Mortgages
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Record of mortgage as financing statement, §11-9-515. Record of mortgage as fixture filing or financing statement, §11-9-502. 1011 INDEX COMMERCIAL CODE —Cont’d Secured transactions —Cont’d Financing statement —Cont’d Name of debtor and secured party, §11-9-503. Change of name, effec…
O.C.G.A. § 11-9-516 What constitutes filing; effectiveness of filing
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(a) What constitutes filing. Except as otherwise provided in subsection (b) of this Code section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (b) Refusal to accept record; filing does not…
O.C.G.A. § 11-9-517 Effect of indexing errors
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The failure of the filing office or authority to index a record correctly does not affect the effectiveness of the filed record. History. Code 1981, § 11-9-517, enacted by Ga. L. 2001, p. 362, § 1.
O.C.G.A. § 11-9-518 Filing office
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Contents of financing statement; record of mortgage as fixture filing or financing statement; time of filing financing statement. Name of debtor and secured party. Indication of collateral. Filing and compliance with other statutes and treaties for consignments, leases, other bailments…
O.C.G.A. § 11-9-520 Acceptance and refusal to accept record
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(a) Refusal to accept record. A filing office may refuse to accept a record for filing only for a reason set forth in subsection (b) of Code Section 11-9-516. (b) Communication concerning refusal. If a filing office refuses to accept a record for filing, it shall communicate to the p…
O.C.G.A. § 11-9-521 Filing-office rules, §11-9-526
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Defined, §11-9-102. Financial asset. Priority of certain interests in, §11-9-331. Purchase or delivery of.
O.C.G.A. § 11-9-522 Maintenance and destruction of records
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(a) Postlapse maintenance and retrieval of information. The authority shall maintain a record of the information provided in a filed record for at least one year after the effectiveness of such record or the initial financing statement to which such record relates has lapsed under …
O.C.G.A. § 11-9-523 Fees, §11-9-525
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Indexing, §11-9-519. Information from, §11-9-523. Maintenance of records, §11-9-522. Refusal to accept record, §§11-9-520, 11-9-521. Uniform form of written financing statement and amendment, §11-9-521. Filing-office rules, §11-9-526.
O.C.G.A. § 11-9-524 Delay by filing office or authority
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Delay by the filing office or authority beyond a time limit prescribed by this part is excused if: (1) The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing o…
O.C.G.A. § 11-9-525 Fees
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(a) Initial financing statement; general. Except as otherwise provided in subsection (b) of this Code section, the fees for filing a record under this part are the amounts specified in Article 2 of Chapter 6 of Title 15. (b) Fees of the Georgia Superior Court Clerks’ Cooperative Aut…
O.C.G.A. § 11-9-526 Rules
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(a) Adoption of filing office rules. The authority shall adopt and publish in print or electronically rules to implement this article, including rules to administer, maintain, and modify the central indexing system. The filing office rules must be consistent with this article. (b) …
O.C.G.A. § 11-9-602 Waiver and variance of rights and duties
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Except as otherwise provided in Code Section 11-9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: 885 11-9-602 (1) Subparagraph (b)…
O.C.G.A. § 11-9-603 Agreement on standards concerning rights and duties
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(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Code Section 11-9-602 if the standards are not manifestly unreasonable. (b) Agreed sta…
O.C.G.A. § 11-9-605 Unknown debtor or secondary obligor
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A secured party does not owe a duty based on its status as secured party: (1) To a person that is a debtor or obligor, unless the secured party knows: (A) That the person is a debtor or obligor; (B) The identity of the person; and (C) How to communicate with the person; or (2) To…
O.C.G.A. § 11-9-606 Time of default for agricultural lien
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For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. History. Code 1981, § 11-9-606, enacted by Ga. L. 2001, p. 362, § 1.
O.C.G.A. § 11-9-607 Collection and enforcement by secured party
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(a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party: (1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) May tak…
O.C.G.A. § 11-9-609 Real property
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Procedure if security agreement covers, §11-9-604. Rights after default, §11-9-601. Agreement on standards concerning, §11-9-603. 1010 INDEX COMMERCIAL CODE —Cont’d Secured transactions —Cont’d Default —Cont’d Rights after default —Cont’d Waiver and variance, §11-9-602. Secondary…
O.C.G.A. § 11-9-610 Disposition of collateral after default
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(a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Commercially reasonable disposition. Every…
O.C.G.A. § 11-9-611 Notification before disposition of collateral
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(a) “Notification date.” As used in this Code section, the term “notification date” means the earlier of the date on which: (1) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (2) The debtor and any secondary obligor wai…
O.C.G.A. § 11-9-612 Timeliness of notification before disposition of collateral
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(a) Reasonable time is question of fact. Except as otherwise provided in subsection (b) of this Code section, whether a notification is sent within a reasonable time is a question of fact. (b) Ten-day period sufficient in nonconsumer transaction. In a transaction other than a cons…
O.C.G.A. § 11-9-614 Timeliness, §11-9-612
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Uniform commercial code. Notice and knowledge, what constitutes, §11-1-202. Warehouse’s lien. Enforcement, sale of goods, §11-7-210. O OFFER AND ACCEPTANCE. Leases, commercial code. Firm offers, §11-2A-205. Generally, §11-2A-206. Sale of goods, UCC, §11-2-206. Additional terms, §…
O.C.G.A. § 11-9-616 Explanation of calculation of surplus or deficiency
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(a) Definitions. As used in this Code section, the term: (1) “Explanation” means a writing that: (A) States the amount of the surplus or deficiency; (B) Provides an explanation in accordance with subsection (c) of this Code section of how the secured party calculated the surplus or…
O.C.G.A. § 11-9-617 Rights of transferee of collateral
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(a) Effects of disposition. A secured party’s disposition of collateral after default: (1) Transfers to a transferee for value all of the debtor’s rights in the collateral; (2) Discharges the security interest under which the disposition is made; and (3) Discharges any subordinat…
O.C.G.A. § 11-9-618 Rights and duties of certain secondary obligors
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(a) Rights and duties of secondary obligor. A secondary obligor 918 11-9-619 acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) Receives an assignment of a secured obligation from the secured party; (2) Receives a…
O.C.G.A. § 11-9-619 Transfer of record or legal title
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(a) “Transfer statement.” As used in this Code section, the term “transfer statement” means a record authenticated by a secured party stating: (1) That the debtor has defaulted in connection with an obligation secured by specified collateral; (2) That the secured party has exercis…
O.C.G.A. § 11-9-620 Effect, §11-9-622
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Notification, §11-9-621. Agricultural lien. Time of default, §11-9-606. Collateral. Acceptance in full or partial satisfaction of obligation, §§11-9-620 to 11-9-622. Disposition after default, §§11-9-610 to 11-9-617. Redemption. Right to redeem collateral, §11-9-623. UNIFORM COMME…