Official Code of Georgia Annotated

Title 44. PROPERTY · Chapter 14. MORTGAGES, CONVEYANCES TO SECURE DEBT, AND LIENS · Article 7. FORECLOSURE · Part 4. FORECLOSURES ON PERSONALTY

44-14-260. Definitions.

Active

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

As used in this subpart, the term:
(1)
“Commercial transaction” means a transaction which gives rise to an obligation to pay for goods sold or leased, services rendered, or moneys loaned for use in the conduct of a business or profession and not for personal consumption.#
(2)
“Consumer transaction” means the sale, lease, or rental of goods, services, or property, real or personal, primarily for personal, family, or household purposes.#
(3)
“Waiver” means a written statement signed by the defendant, which statement contains language clearly and unambiguously waiving any and all rights the defendant may have to a notice prior to seizure by a creditor having an interest in personal property of the defendant. No waiver shall be effective unless the interest sought to be foreclosed upon arose out of a commercial transaction.#

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.

Code 1933, § 67-718, enacted by Ga. L. 1975, p. 1213, § 3.

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

Text read from t44-ch8-15-(v32)-2022-pdf.pdf, Volume V32, 2022 edition, page 655; merge action: carried; file SHA-256 02e72213893a.