Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 9. · Article 9. SECURED TRANSACTIONS · Part 3. PERFECTION AND PRIORITY

11-9-322.1. Crops produced with new value.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

A perfected security interest in growing crops for new value given to enable the debtor to produce the crops during the production season and given not more than three months before the crops become growing crops by planting or otherwise takes priority over an earlier perfected security interest or agricultural lien to the extent that such earlier interest or lien secures obligations incurred more than six months before the crops become growing crops by planting or otherwise, even though the person giving new value had knowledge of the earlier security interest or agricultural lien.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-9-322.1, enacted by Ga. L. 2001, p. 362, § 1; Ga. L. 2002, p. 995, § 5.

Editor's notes

Ga. L. 2002, p. 995, § 8, not codified by the General Assembly, provides that: “This Act shall become effective July 1, 2002, and shall apply to a letter of credit that is issued on or after July 1, 2002. This Act does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before July 1, 2002.”

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, page 815; merge action: carried; file SHA-256 ad397fccbf21.

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