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Official Code of Georgia Annotated

Title 23. EQUITY · Chapter 2. GROUNDS FOR EQUITABLE RELIEF · Article 5. ADMINISTRATION OF ASSETS GENERALLY

23-2-90. Legal and equitable assets defined; rules of distribution.

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

  1. (a)

    Assets are either legal or equitable. Legal assets are such as may be reached by the ordinary process of law. Equitable assets are such as can be reached only through the intervention of equity.#

  2. (b)

    Legal assets, when properly before the court, shall be distributed according to legal liens and priorities. Equitable assets shall be distributed according to justice and right in the particular case, the general rule being that equality is equity.#

  3. (c)

    Sometimes assets are partly legal and partly equitable. In such cases, while the above rule shall be adhered to as to the legal assets, equity shall so administer the equitable assets as to produce general equality.#

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

Orig. Code 1863, §§ 3073, 3074; Code 1868, §§ 3085, 3086; Code 1873, §§ 3142, 3143; Code 1882, §§ 3142, 3143; Civil Code 1895, §§ 3997, 3998; Civil Code 1910, §§ 4594, 4595; Code 1933, §§ 37-401, 37-402.

Read the official page (the state's PDF, opened at the page this text was read from).

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

Text read from t22-t23-(v19)-2020-pdf.pdf, Volume V19, 2020 edition, page 412; merge action: carried; file SHA-256 b3cf4ff62f2f.