08 LC 29
3065
House
Bill 1093
By:
Representatives Willard of the
49th,
Mills of the
25th,
Coan of the
101st,
Fleming of the
117th,
O`Neal of the
146th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 44-14-3 of the Official Code of Georgia Annotated, relating
to furnishing of cancellation by grantee or holder upon payment, liability for
failure to comply, cancellation of instrument after failure to comply, and
liability of agents, so as to change certain provisions relating to the demand
for liquidated damages; to provide for an effective date and applicability; to
provide for related matters; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 44-14-3 of the Official Code of Georgia Annotated, relating to
furnishing of cancellation by grantee or holder upon payment, liability for
failure to comply, cancellation of instrument after failure to comply, and
liability of agents, is amended by revising subsection (c) as
follows:
"(c)
Upon the failure of the grantee or holder
of the
instrument to transmit
properly
a legally sufficient satisfaction or cancellation as
provided
in
required by
subsection (b) of this Code section, the
grantee or holder
of the
instrument
shall, upon
written demand, be liable to the grantor
for the sum of $500.00 as liquidated damages
and,
in addition
thereto, for such additional sums for any
loss caused to the
grantor,
plus reasonable attorney´s fees
if the grantee
or holder of the instrument makes a written demand for transmittal to the
grantor not less than 61 days after the instrument is paid in full and prior to
filing a civil action. The grantee or
holder of the
instrument shall not be liable to the
grantor if he or she demonstrates reasonable inability to comply with subsection
(b) of this Code
section;,
and the grantee or holder
of the
instrument shall not be liable to the
grantor unless and until a written demand for the
transmittal
and for liquidated
damages, as
provided in this subsection, is made. No
other provision of this Code section shall be construed so as to affect the
obligation of the grantee or holder
of the
instrument to pay the liquidated damages
provided for in this subsection."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval and shall apply to all civil actions filed on
or after such date. A civil action filed before the effective date of this Act,
including a civil action filed before such date in which a party is joined after
such date, shall be governed by the provisions of former Code Section
44-14-3.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.