Georgia Commons

Official Code of Georgia Annotated

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

11-9-332. Transfer of money; transfer of funds from deposit account.

Active

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

  1. (a)

    Transferee of tangible money. A transferee of tangible money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of the secured party.#

  2. (b)

    Transferee of funds from deposit account. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account if the transferee receives the funds without acting in collusion with the debtor in violating the rights of the secured party.#

  3. (c)

    Transferee of electronic money. A transferee of electronic money takes the money free of a security interest if the transferee obtains control of the money without acting in collusion with the debtor in violating the rights of the secured party.#

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, § 11-9-332, enacted by Ga. L. 2001, p. 362, § 1; Ga. L. 2024, p. 817, § 5-67/HB 1240, effective July 1, 2024.

Amendments

The 2024 amendment, effective July 1, 2024, in subsection (a), inserted “tangible” in the subsection catchline and near the beginning of the sentence, and substituted “if the transferee receives possession of the money without acting” for “unless the transferee acts” near the middle; substituted “if the transferee receives the funds without acting” for “unless the transferee acts” in the middle of subsection (b); and added subsection (c).

Editor's notes

Ga. L. 2024, p. 817, § 1-1/HB 1240, not codified by the General Assembly, provides: “This Act shall be known and may be cited as the ‘Uniform Commercial Code Modernization Act of 2024.’” Ga. L. 2024, p. 817, § 1-2/HB 1240, not codified by the General Assembly, provides: “Nothing in this Act shall be construed to support, endorse, create, or implement a national digital currency.”

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

Text read from t11-(v9)-pdf.pdf, Volume V9, 2022 edition, 2025 supplement, page 126; merge action: replaced; file SHA-256 df9393c4ba3b.

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