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2020 Georgia Code
Title 10 - Commerce and Trade
Chapter 3 - Notes and Other Evidences of Debt
§ 10-3-1. Transfer of Secured Note Carries Security
Universal Citation: GA Code § 10-3-1 (2020)
The transfer of notes secured by a mortgage or otherwise conveys to the transferee the benefit of the security. If more than one note is secured and the mortgagee transfers some and retains others, the holder of the transferred notes has a preference over the mortgagee if the security is insufficient to pay all the notes.
(Civil Code 1895, § 3684; Civil Code 1910, § 4276; Code 1933, § 14-1802.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 55 Am. Jur. 2d, Mortgages, § 1069 et seq.
C.J.S.- 10 C.J.S., Bills and Notes; Letters of Credit, §§ 127, 138.
ALR.
- Assumption of mortgage by grantee as affecting right of mortgagee to proceed against mortgagor, 41 A.L.R. 317.
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