provided, however, that foreclosure by an action or by the exercise of power of sale, if started prior to reversion of title, shall prevent the reversion if the foreclosure is completed without delay chargeable to the grantee or the grantee’s heirs, personal representatives, successors, or assigns.
History. Ga. L. 1941, p. 487, §§ 1, 2; Ga. L. 1953, Nov.-Dec. Sess., p. 313, § 1; Ga. L. 1982, p. 3, § 44; Ga. L. 1994, p. 1943, § 13; Ga. L. 1995, p. 1198, §§ 2, 3.
Editor’s notes.
Ga. L. 1995, p. 1198, § 4(b), not codified by the General Assembly, provides that where the record of conveyance states or fixes the maturity of the debt or debts or the maturity of the last installment thereof and the parties by affirmative statement contained in the record of conveyance evidence their intention to establish a perpetual or indefinite security interest, section 2 of the Act shall be applicable and effective with respect to all such conveyances even though they may be dated prior to July 1, 1995.
Law reviews.
For article surveying developments in Georgia real property law from mid-1980 through mid-1981, see 33 Mercer L. Rev. 219 (1981).
For note on the 1995 amendment of this section, see 12 Ga. St. U.L. Rev. 313 (1995).
For annual survey of real property law, see 58 Mercer L. Rev. 367 (2006).
Structure Georgia Code
Chapter 14 - Mortgages, Conveyances to Secure Debt, and Liens
Article 3 - Conveyances to Secure Debt and Bills of Sale
§ 44-14-81. When Power of Sale Barred
§ 44-14-82. When Action to Recover Barred
§ 44-14-83. Actions to Foreclose and Exercise of Powers of Sale After Reversion
§ 44-14-84. Effect of Grantor Relinquishing Possession in Settlement of Debt