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§ 44-14-64 - Transfers of deeds to secure debt; execution; partial transfers; transfers by certain financial institutions; requirements for recording; payoff balance

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O.C.G.A.44-14-64 (2010)44-14-64.Transfers of deeds to secure debt; execution; partialtransfers; transfers by certain financial institutions; requirements forrecording; payoff balance (a)Alltransfers of deeds to secure debt shall be in writing; shall be signedby the grantee or, if the deed has been previously transferred, by thelast transferee; and shall be witnessed as required for deeds.(b)Transfersof deeds to secure debt may be endorsed upon the original deed or by aseparate instrument identifying the transfer and shall be sufficient totransfer the property therein described and the indebtedness thereinsecured, whether the indebtedness is evidenced by a note or otherinstrument or is an indebtedness which arises out of the terms oroperation of the deed, together with the powers granted without specificmention thereof.(c)Transfer of a deed tosecure debt and the indebtedness therein secured may be made in wholeor in part; provided, however, that, where the transfer is made in part,that portion of the deed and the indebtedness therein secured to betransferred shall be stated upon a separate instrument and not upon theoriginal deed.(d)A transfer of a deed tosecure debt and the indebtedness therein secured in whole or in part inaccordance with subsections (a) through (c) of this Code section by afinancial institution having deposits insured by an agency of thefederal government or a transfer by a lender who regularly purchases orservices residential real estate loans aggregating a minimum of $1million secured by a first deed to secure debt encumbering real estateimproved or to be improved by the construction thereon of one to fourfamily dwelling units, where the transferor retains the right to serviceor supervise the servicing of the deed or interest therein, need not berecorded if:(1)The original deed to secure debt has been recorded;(2)Anagreement in writing exists on or before the date of the transferbetween the transferor and the transferee and sets forth the terms ofthe transfer and the interests of the parties thereto; and(3)Possessionof the deed, the instrument of indebtedness, and the instrument oftransfer is taken by such new transferee for himself or in hisrepresentative capacity or by a representative of such transferee whichmay include the transferor or any other transferee, provided that theagreement in paragraph (2) of this subsection provides for such party totake possession.(e)As described insubsection (d) of this Code section, the transfer by a financialinstitution or lender of a deed to secure debt and the indebtednesstherein secured in whole or in part without recording in accordance withthis Code section shall be effective to provide the new transferee withpriority over all subsequent claims against the deed and theindebtedness therein secured to the extent of the interest sotransferred, and the priority shall not be lessened by the fact that thetransfer is not recorded; provided, however, that a transfer,satisfaction, cancellation, release, quitclaim deed, or modificationexecuted and recorded by the holder of record of the deed to secure debtshall be effective to transfer, satisfy, cancel, release, quitclaim, ormodify, as the case may be, all interest of the holder of record of thedeed to secure debt and all interest of all transferees claiming by,through, or under the holder of record of the deed to secure debt.(f)Wherethe holder of the right to service or supervise the servicing of thetransferred deed to secure debt and the indebtedness therein secured is afinancial institution or lender as described in subsection (d) of thisCode section, it shall have the same rights, responsibilities, andobligations to act in all matters concerning the servicing,administration, and cancellation of the deed and indebtedness as tothird parties as if no such transfer had taken place.(g)Atransfer of a deed to secure debt shall not be recorded unless itincludes the mailing address of the last transferee thereof. Failure tocomply with this provision shall not be a defense to any foreclosure orgrounds to set aside any foreclosure of any deed to secure debt.(h)Agrantor or his transferee shall be entitled to receive without charge apayoff balance from the holder of a deed to secure debt on realproperty by requesting in writing said balance and providing aself-addressed stamped envelope.
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  • O.C.G.A. 44-14-64 (2010)
    44-14-64. Transfers of deeds to secure debt; execution; partial transfers; transfers by certain financial institutions; requirements for recording; payoff balance


    (a) All transfers of deeds to secure debt shall be in writing; shall be signed by the grantee or, if the deed has been previously transferred, by the last transferee; and shall be witnessed as required for deeds.

    (b) Transfers of deeds to secure debt may be endorsed upon the original deed or by a separate instrument identifying the transfer and shall be sufficient to transfer the property therein described and the indebtedness therein secured, whether the indebtedness is evidenced by a note or other instrument or is an indebtedness which arises out of the terms or operation of the deed, together with the powers granted without specific mention thereof.

    (c) Transfer of a deed to secure debt and the indebtedness therein secured may be made in whole or in part; provided, however, that, where the transfer is made in part, that portion of the deed and the indebtedness therein secured to be transferred shall be stated upon a separate instrument and not upon the original deed.

    (d) A transfer of a deed to secure debt and the indebtedness therein secured in whole or in part in accordance with subsections (a) through (c) of this Code section by a financial institution having deposits insured by an agency of the federal government or a transfer by a lender who regularly purchases or services residential real estate loans aggregating a minimum of $1 million secured by a first deed to secure debt encumbering real estate improved or to be improved by the construction thereon of one to four family dwelling units, where the transferor retains the right to service or supervise the servicing of the deed or interest therein, need not be recorded if:

    (1) The original deed to secure debt has been recorded;

    (2) An agreement in writing exists on or before the date of the transfer between the transferor and the transferee and sets forth the terms of the transfer and the interests of the parties thereto; and

    (3) Possession of the deed, the instrument of indebtedness, and the instrument of transfer is taken by such new transferee for himself or in his representative capacity or by a representative of such transferee which may include the transferor or any other transferee, provided that the agreement in paragraph (2) of this subsection provides for such party to take possession.

    (e) As described in subsection (d) of this Code section, the transfer by a financial institution or lender of a deed to secure debt and the indebtedness therein secured in whole or in part without recording in accordance with this Code section shall be effective to provide the new transferee with priority over all subsequent claims against the deed and the indebtedness therein secured to the extent of the interest so transferred, and the priority shall not be lessened by the fact that the transfer is not recorded; provided, however, that a transfer, satisfaction, cancellation, release, quitclaim deed, or modification executed and recorded by the holder of record of the deed to secure debt shall be effective to transfer, satisfy, cancel, release, quitclaim, or modify, as the case may be, all interest of the holder of record of the deed to secure debt and all interest of all transferees claiming by, through, or under the holder of record of the deed to secure debt.

    (f) Where the holder of the right to service or supervise the servicing of the transferred deed to secure debt and the indebtedness therein secured is a financial institution or lender as described in subsection (d) of this Code section, it shall have the same rights, responsibilities, and obligations to act in all matters concerning the servicing, administration, and cancellation of the deed and indebtedness as to third parties as if no such transfer had taken place.

    (g) A transfer of a deed to secure debt shall not be recorded unless it includes the mailing address of the last transferee thereof. Failure to comply with this provision shall not be a defense to any foreclosure or grounds to set aside any foreclosure of any deed to secure debt.

    (h) A grantor or his transferee shall be entitled to receive without charge a payoff balance from the holder of a deed to secure debt on real property by requesting in writing said balance and providing a self-addressed stamped envelope.

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