Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 9. · Article 9. SECURED TRANSACTIONS · Part 6. DEFAULT

11-9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.

Active

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

(a)
Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in Code Section 11-9-602, those provided by agreement of the parties. A secured party:#
1. (1)
  May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and#
2. (2)
  If the collateral is documents, may proceed either as to the documents or as to the goods they cover.#
(b)
Rights and duties of secured party in possession or control. A secured party in possession of collateral or control of collateral under Code Section 11-7-106, 11-9-104, 11-9-105, 11-9-105A, 11-9-106, 11-9-107, or 11-9-107A has the rights and duties provided in Code Section 11-9-207.#
(c)
Rights cumulative; simultaneous exercise. The rights under subsections (a) and (b) of this Code section are cumulative and may be exercised simultaneously.#
(d)
Rights of debtor and obligor. Except as otherwise provided in subsection (g) of this Code section and Code Section 11-9-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.#
(e)
Lien of levy after judgment. If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:#
1. (1)
  The date of perfection of the security interest or agricultural lien in the collateral;#
2. (2)
  The date of filing a financing statement covering the collateral; or#
3. (3)
  Any date specified in a statute under which the agricultural lien was created.#
(f)
Execution sale. A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this Code section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this article.#
(g)
Consignor or buyer of certain rights to payment. Except as otherwise provided in subsection (c) of Code Section 11-9-607, this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.#

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, § 11-9-601, enacted by Ga. L. 2001, p. 362, § 1; Ga. L. 2024, p. 817, § 5-70/HB 1240, effective July 1, 2024.

Amendments

The 2024 amendment, effective July 1, 2024, substituted “Code Section 11-7-106, 11-9-104, 11-9-105, 11-9-105A, 11-9-106, 11-9-107, or 11-9-107A” for “Code Section 11-9-104, 11-9-105, 11-9-106, or 11-9-107” in subsection (b).

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, pages 138 to 139; merge action: replaced; file SHA-256 df9393c4ba3b.

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