Legislation	Clerk's Office	Members	Committees	Meetings	Home	Senate

HB 702 - Secured transactions; collateral; certain repossession

Holland, Ray (157th)

Status Summary	HC:	Judy	SC:		FR:	02/22/99	LA:	02/23/99	H - Read 2nd Time

First Reader Summary

A BILL to amend Part 5 of Article 9 of Title 11 of the Official Code of Georgia Annotated, relating to default in a secured transaction, so as to provide that collateral may be repossessed under certain conditions; and for other purposes.

Code Sections - 11-9-503

HB 702                                             LC 21 5383 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Part 5 of Article 9 of Title 11 of the Official 
  1- 2  Code of Georgia Annotated, relating to default in a secured 
  1- 3  transaction,  so as to provide that collateral may be 
  1- 4  repossessed under certain conditions; to repeal conflicting 
  1- 5  laws; and for other purposes. 
 
  1- 6       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 7                           SECTION 1. 
 
  1- 8  Part 5 of Article 9 of Title 11 of the Official Code of 
  1- 9  Georgia Annotated, relating to default in a secured 
  1-10  transaction, is amended by striking in its entirety Code 
  1-11  Section 11-9-503, relating to a secured party's right to 
  1-12  take possession of collateral after default, and inserting 
  1-13  in lieu thereof the following: 
 
  1-14    "11-9-503. 
 
  1-15    Unless otherwise agreed a secured party has on default the 
  1-16    right to take possession of the collateral. In taking 
  1-17    possession a secured party may proceed without judicial 
  1-18    process if this can be done without breach of the peace 
  1-19    and without violating any state or federal law or may 
  1-20    proceed by action. If the security agreement so provides 
  1-21    the secured party may require the debtor to assemble the 
  1-22    collateral and make it available to the secured party at a 
  1-23    place to be designated by the secured party which is 
  1-24    reasonably convenient to both parties. Without removal a 
  1-25    secured party may render equipment unusable, and may 
  1-26    dispose of collateral on the debtor's premises under Code 
  1-27    Section 11-9-504." 
 
  1-28                           SECTION 2. 
 
  1-29  All laws and parts of laws in conflict with this Act are 
  1-30  repealed. 
 
 
 
 
 
 
                                 -1-