Repossession Law & Procedure
    Possession After Default
    Unless otherwise agreed, and subject to compliance with other applicable laws, a secured
    party has, on default, the right to take possession of collateral. In taking possession a
    secured party may proceed without judicial process only if this can be done without breach of
    the peace.  If not, a legal action may proceed to recover possession. See Code of Georgia
    Section 11-9-503.

    Right to Redeem Collateral
    At any time before secured party has disposed of collateral or entered into contract for disposition under Code
    Section 11-9-504 or before discharge under Code Section 11-9-505,   the debtor or any other secured party
    may, unless otherwise agreed in writing after default, redeem the collateral by tendering fulfillment of all
    obligations secured by collateral, expenses reasonably incurred by the secured party in retaking, holding, and
    preparing collateral for disposition, arranging for sale, and to extent provided in agreement and not prohibited
    by law, reasonable attorneys' fees and legal expenses. See Georgia Code Section 11-9-506

    Compulsory Sale
    If debtor has paid 60 percent of the cash price in case of a purchase money security interest in consumer goods
    or 60 percent of the loan in case of another security interest in consumer goods, and has not signed after
    default a statement renouncing or modifying his rights under this part a secured party who has taken
    possession of collateral must dispose of it under Code Section 11-9-504, and if he fails to do so within 90 days
    after possession, the debtor may recover certain damages. See Georgia Code Section 11-9-505

    Acceptance of Collateral as Discharge
    In cases other than consumer goods 60% cases, secured party in possession may, after default, propose to
    retain the collateral in satisfaction of the obligation. Written notice of must be sent to debtor if debtor has not
    signed, after default, a statement renouncing or modifying rights. In the case of consumer goods no other notice
    need be given, but additional notice to certain holders of subordinate liens. If secured party receives objection in
    writing from a person entitled to receive notice within 21 days after notice was sent, secured party must sell
    collateral under Code Section 11-9-504. If no such written objection is received, secured party may retain
    collateral in satisfaction of the debt. See Georgia Code Section 11-9-505

    Sale and Application of Proceeds
    A secured party after default may sell, lease, or otherwise dispose of collateral in its then condition or following
    any commercially reasonable preparation or processing. Any sale of goods is subject to Article 2 of the UCC on
    sales. Proceeds of sale must be applied in order following to reasonable expenses of retaking, holding,
    preparing, selling, or leasing, and, to extent provided for in agreement and not prohibited by law, reasonable
    attorneys' fees and legal expenses incurred by secured party. Proceeds would the be applied to satisfaction of
    debt secured by security interest under which sale is made. See Georgia Code Section 11-9-504

    Subordinate Liens
    Remaining proceeds would next be applied to satisfaction of debt secured by any subordinate security interest
    in the collateral if written notification of demand is received before distribution of proceeds is completed. If
    requested by the secured party, holder of a subordinate security interest must seasonably furnish proof of
    interest, and unless he does so, secured party need not comply with demand. See Georgia Code Section 11-9-
    504

    Accounting and Deficiency
    If security interest secures debt, the secured party must account to debtor for any surplus, and, unless
    otherwise agreed, debtor is liable for any deficiency.

    Public or Private Sale After Notice
    Disposition of collateral may be by public or private sale, and may be at any time and place and on any terms,
    but every aspect including method, manner, time, place, and terms must be commercially reasonable. Unless
    collateral is perishable, reasonable notice of time and place of any public sale, or reasonable notice of time after
    which any private sale is to be made, must be sent by secured party to debtor, if debtor has not signed, after
    default, a statement renouncing or modifying his right to notice. In non-consumer cases additional notice may be
    required for certain subordinate claims of interest in the collateral. See Georgia Code Section 11-9-504

    Liability for Failure to Comply
    If it is established that the secured party is not proceeding in accordance with these provisions, disposition may
    be ordered or restrained on appropriate terms and conditions. In addition, damages are provided in this section.
    The fact that a better price could have been obtained by a sale at a different time or in a different method from
    that selected by the secured party is not of itself sufficient to establish that the sale was not made in a
    commercially reasonable manner. If the secured party either sells the collateral in the usual manner in any
    recognized market therefor or if he sells at the price current in such market at the time of his sale or if he has
    otherwise sold in conformity with reasonable commercial practices among dealers in the type of property sold he
    has sold in a commercially reasonable manner. See Georgia Code Section 11-9-507

    Personal Property In Vehicle
    Any person who lawfully repossesses a motor vehicle shall be an involuntary, gratuitous, or naked depository
    of any personal property found in such motor vehicle and has a lien on such property for any reasonable
    expenses incurred in storing such property or in giving notice to such owner. See Georgia Code Section
    44-14-411.1

    Within ten days of date of repossession, person repossessing vehicle must notify owner of the intent to dispose
    of personal property. Notice must be actual notice, but may be by personal service or by service by certified
    mail. If the personal property is not redeemed within 30 days from the date of the first notice, a second notice
    must be sent in same manner. If the personal property is not redeemed within 30 days from date of second
    notice, personal property may be disposed of in manner most expeditious, without further liability and proceeds
    are disbursed as provided in Code Section 44-14-412. See Georgia Code Section 44-14-411.1

    No Deficiency Without Notice
    When a motor vehicle has been repossessed after default in accordance with Part 5 of Article 9 of the Uniform
    Commercial Code, the secured party may not recover a deficiency against buyer unless, within ten days after
    repossession, he forwards by registered or certified mail to address of buyer shown on contract or later
    designated by buyer, a notice of the intention of secured party to pursue a deficiency claim against buyer. The
    notice must also advise buyer of right of redemption, and right to demand a public sale of repossessed vehicle.
    In event buyer exercises right to demand a public sale, he must advise holder in writing of election by registered
    or certified mail, addressed to holder at address from which holder's notice emanated, within ten days after the
    posting of the original notice. With election by buyer,  holder must dispose of vehicle at a public sale as provided
    by law, in the state and county where original sale took place, or state and county where vehicle was
    repossessed, or state and county of  buyer's residence, at holder's election. This provides cumulative additional
    rights and remedies to the Uniform Commercial Code Provisions which must be fulfilled before deficiency claim
    will lie against a buyer. See Georgia Code Section 10-1-36

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