SECOND DI VI SI ON

M I LLER, P. J.

, DOYLE and REESE, JJ.

N O T IC E : M otions for r e c ons i de r a tion m us t be ph y sic a l ly r e ce iv ed i n our c le r k ’s offic e w ithin te n da y s of the da te of de c is ion to be de e m ed tim e ly file d.

http://w w w .ga a ppe a l s .us /r ule s

A ugust 10, 2017



# I n th e Co u r t o f

A p p eals o f

G eo r g ia

A1 7 A1 16 2 . M IKE’ S FURNITURE BARN, INC. et al . v . SM ITH.

M I LLE R , Pres i d i n g J u d g e.

M o re t h an s ev en y ears aft er ap p el l ee Ch ery l Sm i t h fai l ed t o rep ay a l o a n ,

ap p el l an t M i k e’ s Fu rn it u re Barn (“ M FB”) fo recl o s ed o n a secu ri t y d eed fo r Sm i t h ’ s

h o m e. Sm i th fi l ed a co m p l ai n t s eek i n g t o s et as i d e t h e f o recl o su re s al e an d en

jo in

d efen d an t s M FB, M i ch ael M i l l er, Ri ch ard Pl y m al e, an d Kri s t i n e R. M oo re Tarrer

(co l l ect i v el y

“ t h e M FB Ap p el lan t s ”) 1 fro m t ak in g an y fu rt h er d i s p os s es so ry

act i o n.

Th e t ri al co u rt fo u n d t h at t h e s ecu ri t y d eed at is s ue was s u bject t o a st at u t o ry s ev en

y ear rev ers i o n ary p eri o d an d

, t h erefo re, t i t l e t o th e p ro pert y h ad al read y rev ert ed b ack

t o Sm i th p ri o r t o t h e fo r e c l o s u re s al e. Acco rd in g ly

, t h e tri al co u rt s et as i d e t h e

1 M i ch ael Mi l l er i s th e p res i d en t o f M F B

, T a rrer i s co u n sel fo r M FB, an d

Pl y m al e “ cri ed o u t ” t h e fo recl o s ure s al e. Tar r e r i s n am ed as a d efen d an t b o th

i n d i v i d u al l y

an d as Kri s ti n e R. M o o re Tarrer, LLC.fo recl o s ure sal e an d en jo i n ed th e M FB Ap p el l an ts fro m tak i n g fu rt h er ac t i o n

. 2 Th e

M FB Ap p el l an t s n o w ap p eal

, an d , fo r t h e reas on s t h at fo ll ow, we affi rm

.

T h e l i m i ted reco rd b efo re u s s h o ws t h at

, i n Oct o b er 2 00 2

, Sm i t h b o rro w e d

$ 2 ,1 5 4 .2 2 fro m M FB. Sm i th ex ecu t ed a p ro m i s s o ry no t e (“ t h e No t e”), wh i ch

i d en t i fi ed t h e co l lat eral m erel y as “ [t ] h e g o o d s or p ro p ert y b ei n g p urch as ed ,” an d

fu rt her in d i cat ed t hat Sm i t h was g i vi n g M FB a s ecu ri ty i n t eres t i n a “ l o an o n

p ro p ert y .” T h e No t e p ro v i d ed fo r p ay m en t i n 2 2 i n s t al l m en t s wi t h a m at u ri ty d at e o f

Au g u s t 5

, 20 0 3

. Th at sam e d ay , Sm i t h ex ecu t ed a d eed t o s ecu re a d eb t o f $ 2 ,1 0 0

(“ t h e Deed ”) i n fav or o f “ M ich ael G. Mi l l er.” Th e Deed i n cl u d ed a d es cri p t i o n o f t h e

real p ro p ert y at is s u e an d i nd i cat ed t h at fi n al p ay m en t o n t h e secu red d eb t was d u e

o n Sep tem

b er 3 0, 2 0 0 5

. 3 Ad d it i o n al l y , t h e Deed g ran t ed M i l l er t h e p o wer o f s al e

u p o n d efau l t.

Sm i t h fai l ed to m ak e al l of t h e p ay m en ts o w ed

. In 2 0 1 6

, m o re t h an s ev en y ears

a f t er t h e l o an m at u ri t y dat e i d en t i fi ed i n ei t h er t h e No t e o r t h e Deed

, M F B

2 W e h av e ju ri s d i ct i o n t o co n s i d er t h i s ap p eal b ecau s e i t i n v o lv es t h e g ran t o f

a fi n al in ju nct i o n . See OCGA § 5 -6 -3 4 (a) (4 ).

3 Th e Deed was reco rd ed i n Deed Bo o k 74 9

, p ag es 1 4 9-1 5 1

, Green e Co u n t y , Geo rg i a Reco rd s o n M ay 3

, 2 0 0 4

.

2co m

m en ced a n o n-ju d i ci al fo rec l o s u re o n t h e p ro p ert y i d en t ifi ed i n t h e Deed an d

p u rch as ed t h e p ro p ert y

at t he fo recl o s u re s al e.

Sm i t h fi l ed t h i s wro n gfu l fo recl o su re act i on , arg u i n g t h at (1 ) M FB w as n o t t h e

h o l d e r of t h e Deed

, an d (2 ) p ri o r t o t h e fo recl o s u re, t i t l e t o th e p ro p ert y s t at u t o r i l y

rev ert ed t o h er s ev en y ears aft er t h e l o an m at u ri t y d at e li st ed o n t h e Deed . Th e t ri al

co u rt ag reed

, s et as i d e t h e fo recl o s u re s al e, an d g ran ted Sm i th ’ s req u es t fo r an

i n ju n ct i o n prev en t i n g t h e M FB Ap p el lan t s fro m an y fu rt h er at t em p t s t o fo recl o s e o n

t h e p ro p ert y . Th is ap p eal fo l l o wed

. 4

In t h ree rel at ed en u m erat i o n s o f erro r, t h e M FB Ap p e l l an t s co n t en d t h at t h e

t ri al co u rt erred i n s et t i n g as i de t h e fo recl os u re s al e an d g ran t i n g i n ju n ct i v e rel i ef to

Sm it h b ecau se (1 ) t h e l an g u ag e i n t h e No te an d t h e Deed s h o u l d b e vi ewed t o g et h er;

(2 ) t h es e d o cu m en t s s ho w t h at t h e p a r t i es i n t en d ed t o ex t en d t h e st at u t o ry

rev ers i on ary p eri o d t o 2 0 y ears ; an d (3 ) t he t ri al co u rt erred b y l i m i t i n g t h e ab i l i t y o f

4 T h e t ri al co u rt i m

p l ici t l y d en i ed t h e M FB Ap p el l an t s ’ c o u n t e r c lai m s fo r

wro ng fu l res t rai n t

, pu n i t i ve d am ag es , an d at t o rn ey fees wh en i t s et as i d e t h e fo recl o s ure s al e an d g ran t ed t h e i n ju n ct io n ag ai n s t t h em

. Th e M FB Ap p el l an t s d i d n ot
f i l e a n o t i ce of ap p eal fro m t h e d en i al o f t h ei r co u n t ercl ai m s an d d o n o t a r g u e o n

ap p eal t h at t h e t ri al co u rt erred i n t h i s reg a r d

. Ad d i t i o nal l y , t h e t ri al co u rt d i d n ot
award an y o f t h e dam ag es o r fees Sm it h req u es t ed i n h er co m pl ai n t

, an d Sm i t h d o es

n o t ap p eal fro m o r arg u e an y erro r i n t h i s reg ard

. Th erefo re, we d o n o t ad d res s t h es e i s su es

. Y o u n g v. Tu rn er Her i t a g e Ho mes , 2 4 1 Ga. Ap p

. 40 0

, 4 0 1 (2 ) (5 2 6 SE2 d 8 2 ) (1 9 9 9) (m at t ers n ot en um erat ed as erro r are d eem ed ab an d on ed ).

3“ open -en d cl au s es ” t o ex t en d th e rev ers i o nary p eri o d t o 20 y ears o n l y i n arran g e m e nts

i n v o l v i n g rev o l v i n g l i n es o f cred i t

.

1

. W e fi rs t co ns i d er wh et h e r t h e t ri al co u rt p ro p erl y s et as i d e t he fo recl o s u re

s al e. 5 U n d er Geo rg i a l aw, o n l y t h e h o l d er o f t h e d eed m ay in i t i at e fo recl o s u re

p ro ceed in g s

. Ames v. JP Mo r g a n Ch a s e Ba n k

, 2 9 8 Ga. 7 32

, 7 4 1 ( 3 ) (e), n

. 7 (7 8 3

SE2 d 6 14 ) (2 0 1 6 ); Y

o u v. JP M

o r g a n Ch a s e Ba n k

, 2 9 3 Ga. 6 7

, 6 9-7 1 (1 ) (7 4 3 SE2 d

4 2 8 ) (2 0 13 ). H ere, M i l ler, an d no t M FB, was t he h o l d er o f t h e Deed

. Th us , M FB h ad

n o au t h o ri t y t o i n i t i at e t h e fo recl o s u re s al e. Ames

, s u p ra, 2 9 8 Ga. at 7 4 1 (3 ) (e), n

. 7;

Y ou , s up ra, 2 9 3 Ga. at 69 -7 1 (1 ). Al t h o u g h a s ecu ri t y d eed can b e t ran s ferred by

as s i g n m en t

, s ee OCGA § 4 4-1 4-6 4

, th e reco rd i s d ev o id o f an y ev i d en ce t h at M i l l er,

i n d i v i d u al l y , t ran s ferred t h e d eed t o M FB. T h u s , b ecau s e M FB was n o t t h e h o l d er o f

t h e D eed

, i t h ad n o ri gh t t o fo recl o se o n t he p ro p ert y , an d t h e t ri al co u rt p ro p erl y s et

as i d e t he fo recl o s u re s al e.

2

. W e n ex t t u r n t o t h e i s s u e o f in ju n ct iv e rel i ef. Th e t ri al co u rt i s s u ed t h e

p erm an en t i n

ju n ct i o n aft er fi nd i n g t hat t i t l e t o t h e p ro p ert y rev ert ed b a ck t o Sm i th

aft er s ev en y ears becau s e t h e Deed d i d n o t in d i cat e an i n ten t t o ex ten d th i s st at u t o ry

rev ers i on ary

p eri o d . W e ag ree wi t h t he t ri al co u rt ’ s an al y s i s

.

5 Th i s i s s ue was p ro p erl y rai s ed b efo re t h e t ri al co u rt

.

4Geo rg i a l aw p ro v i d es t h at t i t l e t o p ro p ert y us ed a s co l l at eral fo r a d eb t wi l l

rev ert t o t h e g ran t o r

at t h e ex p irat io n o f s ev en y ears fro m t h e m at u ri t y o f t h e deb t o r d eb t s o r

t h e m at u ri t y of t he l as t i n s t al l m en t t h ereo f as s t at ed o r fi x ed i n t h e reco rd

o f t h e co n v ey a n c e

. . . ; p ro v i d ed

, ho wev er, t h at wh ere t h e p art i es b y

affi rm at iv e s t at em en t co n t ai n ed i n t h e reco rd of co nv ey an ce in t en d t o

es t ab l i sh a p erp et u al o r i n d efi n i t e s ecu ri t y i n t eres t i n t he real pro p ert y

co n v ey ed t o s ecu re a d eb t o r d eb ts

, t h e t i t l e s h al l rev ert at th e ex p irat i o n

o f t h e l at er o f (A) s ev en y ears fro m t h e m at u ri t y o f t he d eb t o r d eb t s o r

t h e m at u ri t y of t he l as t i n s t al l m en t th ereo f as s t at ed o r fi x ed i n t h e reco rd

o f co n v ey an ce

. . . ; o r (B) 2 0 y ears fro m t h e d at e o f t h e co n vey an ce as

s t at ed i n t he reco rd

. . . .

OCGA § 4 4 -1 4-8 0 (a) (1 ). Un d er t h e p l a i n lan g u ag e o f t h i s st at ut e, an y i n t en t to

creat e a perp et u al an d i n defi n i t e s ecu ri t y i n t e r es t m us t ap pear b y an “ a

ff i r ma t i ve

s t a t emen t ” i n t h e d eed

. (Em p h as i s s u p p l i ed .) Id

. If t i t l e h as rev ert ed t o t h e g r a n t o r

u n d er t h i s s t at u t e, al l act i o n s t o fo recl o s e u p on an d t o reco v er t h e p ro p ert y are b arred

.

OCGA § 4 4 -1 4 -8 3

. Th u s , t h e q u es t i o n b efo re u s i s wh et h e r t h e D e ed co n t ai n ed a

s u ffi ci e n t “ a f

fi rm at i v e s tat em en t ” s h o wi n g t h e p art ies ’ i n t en t t o ap p l y th e 2 0 -y ear

rev ers i on ary

p eri o d

.

5Th e co ns t ru ct i on of a d eed

, l i k e an y o t her co n t ract

, i s a q u es t io n of l aw t h at we

rev i ew d e n o v o

. V

i n evi ll e Ca

pi ta l Gr o u

p

, LLC v. McCo o k

, 32 9 Ga. Ap p. 7 9 0, 7 9 4 (1 )

(b ) (7 66 SE2 d 1 56 ) (2 0 1 4 ).

Th e card i n al ru l e o f co n s t ru ct i o n o f deed s , as wel l as o t h er co n t ract s , i s

t o as cert ai n t h e i n t en t io n o f t h e p art i es

. If t h at i n t en ti o n b e cl ear fro m th e

d eed an d ci rcu m s t an ces o f t h e t ran s act io n an d co n t rav en es n o ru l e o f

l aw, i t s h ou l d b e en fo rced

. Th e wh o l e i n s t ru m en t i s t o b e co n s t ru ed

t o g et h er s o a s t o g i v e effect

, i f po s si b l e, t o t h e en t i re d eed [,] an d th e

co n s t ru ct io n wh i ch wi l l u p h o ld a d eed i n wh o l e an d i n ev ery p art i s t o

b e p referred

.

(Ci t at i o n s an d p u n ct uat i o n o m i t t ed .) Id

. at 7 94 -7 9 5 (1 ) (b ); s ee al so Un i t ed Ba n k v.

W es t Cen t r a l Ga

. Ba n k

, 2 7 5 Ga. Ap p

. 4 1 8

, 4 2 0 (6 2 0 SE2 d 6 54 ) (2 0 0 5 ) (t h i s C o u rt

i n t erp ret s a d eed l i k e an y o t h er co nt ract

, s u b ject t o t h e r u l e s o f co n t ract

i n t erp ret at io n ).

Th e p art i es ag ree t h at t h e No t e an d D eed were ex ecu ted c o n tem p o ran eo u s l y

an d th at t h e Deed p ro v i d es t h e s ecu red co l l at eral fo r t h e No t e. W e po i n t ou t

, h o wev er,

t h at th es e do cu m en t s are v ag u e an d at t i m es i nco n s i s t en t

, an d th e d i s crep an ci es

b e t w e e n t h e N o te an d Deed m ay b e read to s u g g es t t h at t h e t wo d ocu m en t s d o n ot

6refer t o t h e s a m e l o an

. 6 As su m i n g , as al l p art ies t o th i s ap p eal an d t h e t ri al co u rt

ap p ear t o d o , t h at t h e two d o cu m en t s co n cern t h e s am e l oan an d s ecu ri t y i n t eres t

,

n ei t h er t h e l an g u ag e i n t h e Deed n o r t h e No t e, v i ewed i n d ep en d en tl y o r t o g et h e r,

co n tai n an affi rm at i v e s t at em en t t h a t ex t en d s t h e rev ers io nary p eri o d b ey o n d t h e

d efau l t s ev en -y ear t erm

.

An “ o pen -en d ” o r “ d rag n et ” cl au s e is a cl au s e i n a s ecu ri ty d eed th at p ro v i d es

“ t h at

, i n ad d i t i on t o secu ri ng t h e d eb t n am ed o r d es cri b ed i n t he i n s t ru m en t,” t h e d eed

“ s h al l al s o s ecu re an y o t h er d eb t o r o b l i g at i o n th at m ay b e or b eco m e owi n g b y t h e

m o rt g ag o r o r g ran t o r.” OCGA § 4 4 -1 4 -1 (b ); Cl a r k v. Ag Geo r

g i a Fa r m Cr ed i t ACA

,

3 3 3 Ga. Ap p

. 7 3, 7 8 ( 1 ) ( a ) ( 7 7 5 SE2 d 55 7 ) (2 01 5 ) (referri ng t o “ o p en -en d ” an d

“ d rag n et ” cl au s es i nt erch an g eab l y ). If t h e s ecu ri t y d eed i ncl u d es an “ o p en -en d ” o r

“ d rag n et ” cl au s e, t h en th e s ecu ri t y i n t eres t co nve y ed b y t h e d eed i s g en eral l y effect i v e

as l o n g as an y d eb t b et ween t h e g ran t o r an d g ran t ee rem ai ns u n s a t i s f i e d

. Ma r t i n v.

Fa i r b u r n B a n k i n g Co

. , 2 18 Ga. Ap p

. 8 0 3

, 80 4 (3 ) (4 6 3 SE2 d 50 7 ) (1 9 9 5 ) Su ch a

cl au s e i s an ex cep t i on t o “ t he g en eral ru l e

. . . reg ard i n g in s t an tan eo u s ex t i nct i o n o f

6 Th e d o cu m en t s co n t ai n d i fferen t l o an am o u n t s , d i fferen t g ran t ees , co n fl i ct i n g

m at u ri t y d at es , an d s eem i n g l y d i fferen t co l l at eral

. Th es e d i screp an ci es d o no t affect

o u r an al y s i s co n cern i n g t h e rev ers i o n ary i nt eres t

.

7t h e d eed an d reco nv ey an ce t o th e g ran t o r” u p o n s at i s fact i o n o f a d eb t

. (Ci t at i o n an d

p u n ct u at i o n o m it t ed .). Id

. 7

In s o m e cas es , t hi s Co u rt h as h e l d t h at an o p en -en d cl au s e ma y co n s t i t u t e an

affi rm at i v e s t at em en t o f a p erp et u al o r i nd efi n i t e s ecu ri t y i n t eres t t h at wo u l d creat e

t h e 2 0 -y ear rev ers i on ary peri o d u n d er OCGA § 4 4 -1 4 -8 0

. See, e.g ., S t ea r n s Ba nk,

N.A. v. Mu ll i ns , 3 3 3 Ga. Ap p

. 3 6 9

, 3 7 1 (7 7 6 SE2 d 4 8 5 ) (2 0 1 5 ) (fi n d i n g affi rm at i v e

s t at em en t i n t h e d eed ). Bu t we h av e n ev er h el d t h at i t m u s t

. C f

. M a t s o n v. Ba yvi ew

L oa n S er vi ci n g

, LLC

, 3 3 9 Ga. Ap p

. 8 90

, 8 92 -8 9 3 (1 ) (7 95 SE2 d 19 5 ) (2 0 1 6 )

(co n cl u d i n g t h at s ecu ri t y d eed wi t h o p en -en d cl au s e an d cert ai n m at u ri t y d at e d i d n ot

co n tai n affi rm at i v e s tat em en t ).

Th e M FB Ap p el l an t s co nt en d t h at th e No t e an d Deed co n tai n d rag n et cl au s es

an d es t ab l i s h th e n eces s ary affi rm at iv e s t at em en t t o creat e a n i n d efi n it e i n t eres t

.

S p eci fi cal l y , t h ey p o i n t t o t h e N o t e’ s p ro v is i o n ex p l ai n i n g th at t h e s ecu ri t y i n t e r e s t

i n t h e co l l at eral rem ai n s i n ex i s t en ce un t il t h e deb t i s di s ch arg ed i n wri t i n g

. Fu rt h er,

t h ey arg u e t hat th e Deed co n t ai n s t h e f o l l o wi n g t wo p ro v is io n s t h at co n s t i t u t e t h e

req u i red affi rm at i v e s tat em en t : (a) “ an y a n d a l l ot h er i n d eb t ed n es s no w o wi n g o r

7 Th e cl au s e at i s s u e i n Ma r t i n s t at ed t h at th e d eed secu red “ an y an d al l o t h er i n d eb t ed n es s wh i ch s ai d g ran t o r m ay n ow o r m ay he r e a f t e r o we s ai d g ran t ee.” (Pu n ct u at i on o m i t t ed .) Ma r t i n , s u p ra, 2 18 Ga. Ap p. at 8 04 (3 ).

8wh i ch m ay h ere a f t e r b e o w in g b y Gran t o r t o Gran t ee”; an d (b ) “ al l ren ewal o r

ren ewal s an d ex t en s i o n o r ex t en s i o n s o f t h e No t e o r o t her i n d eb t ed n es s .”

Here, al th o u g h t h e Deed co n t ai n ed a d rag n et cl au s e, i t al s o i d en t ifi ed a fi x ed

m at u ri t y d at e fo r t h e s ecu red d eb t

. Few cas es h a v e ad d res s ed wh at l an gu ag e i s

r eq u i red t o co n st i t u t e an affi rm at i v e s t at em en t t h at w o u ld ex t en d t he rev ers i o n ary

p eri o d u n d er OCG A § 44 -1 4 -8 0

. In St ea r n s Ba nk

, s up ra, th i s Co urt h el d t h at t h e

s ecu ri t y d eed a t i s su e co n t ai n ed an affi rm at i v e st at em en t s erv i n g t o ex t en d t h e

rev ers i on ary p eri o d t o 2 0 y ears

. 3 3 3 Ga. Ap p

. at 37 3 -3 7 4 (1 ). T h at cas e i n vo l v ed an

o p en -en ded l i n e o f cred it

, an d t h e d eed i ncl u d ed a fu t ure ad v an ce cl au s e co v e r i n g

“ an y ex t en s i on s , ren ewal s , m o d i fi cat i o n s o r s u b s t i t u ti o n s ” of t h e o ri g i nal ev i d en ce

o f deb t

. (Pu n ct u at i o n o m i t t ed .) Id

. at 3 7 1

. Th e d eed fu rt h er p ro v i d ed t h at “ [a] l t h o u g h

t h e Secu red Deb t m ay b e red u ced t o a zero b al an ce, t h is Secu ri ty In s tru m en t wi l l

rem ai n i n effect u n t i l rel eas ed .” (Pu n ct u at i o n o m i t t ed .) Id

. Th i s Co urt d et erm i n ed t h at

t h e d eed

, o n i t s face, s h o wed t h at t h e p art i es in t en d ed t o es t ab l i s h a rev o l vi n g l i n e o f

cred i t an d an i n d efi n i t e i nt eres t in t h e co l l at eral t hat req u i red ad d it i on al act i o n b ey o n d

m ere p ay m en t o f t h e in d eb t ed n es s t o sat i s fy t h e d eb t

. Id

. at 3 7 2 (1 ). Sp eci fi cal l y , t h i s

Co u rt co ncl u d ed th at th e l an g u ag e s u ffi ci en t l y sh o w ed th at th e p art ies i n t en d ed to

9e st ab l i s h a p erp et u al an d i n d efi ni t e i n t eres t wi t h in t h e m ean i n g o f OCGA § 4 4 -1 4- 80, 8

al t h o u g h t h i s Co u rt n o t ed t h at “ i t i s p referab l e” fo r t he part i es t o ex p res s t h ei r i n t en t

m o re cl earl y

i n t h e d eed . Id . at 3 7 3 (1 ).

In co m p ari s o n , i n Ma t

so n , s u p ra, 3 3 9 Ga. Ap p

. 8 9 0

, t h i s Co u rt co n cl u d ed t h at

t h ere was n o affi rm at i v e s tat em en t i n t he s ecu ri t y d eed th at w o u l d h av e ex ten d ed t h e

rev ers i on ary p eri o d b e c a u s e , ev en t h o u g h th e deed i nd i cat ed t h at i t secu red “ al l

ren ewal s , ex ten s i o n s , an d m o d i fi cat i o n s o f t h e N o t e,” t h e d eed al s o co nt ai n ed “ a d at e

cert ai n fo r th e m at u ri t y o f t he No t e.” (Pu n ct u at io n o m i t t ed .) Ma ts o n , s u p ra, 3 3 9 Ga.

Ap p . at 8 9 2 -8 9 3 (1 ).

We c o n c l u d e t h at t he fact s o f t h i s cas e are m o re ak i n t o t h e fact s o f Ma t s o n ,

an d we are p ers u ad ed b y t h e reas o n i n g in t hat cas e. Al t h o u g h t h e Deed h ere co n t ai n s

an o p en -en d o r d rag net cl au s e, i t al s o co n t ai n ed a fi xed m at u ri t y d at e. M o reo v er,

u n l i k e t h e t ran s act io n in S t ea r n s Ba n k

, t h i s cas e d i d n o t i n vo l v e a rev o l v in g l i n e o f

cred i t

, wh i ch i s , b y defi n i t i o n, an in d efi ni t e an d p erp et ual arran g em en t

. See S t ea r n s

8 Th i s Co u rt i n S t ea rn s n o t e d t h a t

, i n a s u bs eq u en t tran s act io n , t h e p art i es ad d ed th e fo l l o w i n g lan g u ag e: “ Gran t o r an d Gran t ee ag ree, b y t h i s affi rm at i v e

s t at e m en t pu rs u an t t o OCGA § [] 4 4 -1 4 -8 0, t o es t ab l i s h a p erp et u al o r i n d efi n i t e

s ecu ri t y i n t eres t i n th e p r op ert y t o s ecu re t h e s ecu red d eb t

. ” (Pu n ct u at io n o m i t t ed .)

S t ea r n s , su p ra, 33 3 Ga. Ap p. at 3 7 3 n . 7 . Su ch l an g u ag e wo ul d cert ai n ly b e h el p fu l

as ev i d en ce o f an i n t en t t o ex t en d t h e rev ers i o n ary p eri o d

.

10Ba n k

, s u pra, 3 3 3 Ga. Ap p

. at 3 7 2 (1 ); s ee OCGA § 4 4-1 4 -3 (a) (6 ) (d efi n i ng a

“ rev o l vi n g l oan acco u nt ”). Gi v en t h e fi x ed m at u ri ty d at e i n t h e Deed

, w i t h a l o an fo r

a su m cert ai n rat h er t h an a rev ol v i n g l i ne o f cred i t

, w e co n cl u d e t h at th e Deed l ack s

an affi rm at i v e s t at em en t o f i n t en t t o creat e a p erp et u al an d in defi n i t e s ecu ri ty i n t eres t

i n t he p ro p ert y

.

Ev en i f we v i ew t h e Deed t o g et h er w i t h t h e N o t e, as th e M FB Ap p el l an t s

co n ten d we m

u s t

, we are no t p ers u ad ed t h at t h e p art i es affi rm at i v el y ev i d en ced t h ei r

i n t en t t o e x t e n d t h e rev ers i o n ary p eri o d i n t h i s cas e. Th e No t e co n t ai n s i t s o wn

d rag n et cl au s e, i n d i cat i n g t h a t t h e p art i es co n t em p l at ed t h at t h e co l l at eral wo u ld

“ s ecu re

. . . an y o t h er s ecu red d eb t [Sm i t h o we d M FB] n o w o r h ereaft er.”

A dditiona ll y , t h e No t e s p eci fi cal l y p ro v i des th at t h e s ecu ri t y i n teres t wi ll sur vive e ve n

i n t h e ab sen ce o f an y deb t

, u n t i l fo rm al l y d i s ch arg ed i n wr i t i n g

. At t h e s am e t i m e,

h o wev er, t he No t e al s o co n t em p l at es a fi x ed m at uri t y d at e as w el l as a s et n um b er o f

p ay m en t s. W h en w e co m p ar e t h e lan g u ag e in t h e o p en -en d cl au s es , wi t h t h e fi x ed

m at u ri t y d at es , s et n u m

b er o f p ay m en ts

, an d fi x ed l o an am o u n t s , we h av e, at t h e v ery

l eas t

, co nfl i ct in g ter m s t h at creat e an am b i g u i ty

, wh i ch can n o t co ns t i t u t e an

affi rm at i v e s t at em en t o f i n t en t

. See Cl ar k

, s u p ra, 3 3 3 Ga. Ap p

. at 77 (1 ) (a) (d efi n i n g

am bi g ui t y as “ d u p l i ci ty

, i n d i s t i n ct n es s , an un cert ai nt y o f m ean i n g o r ex p res s i o n u s ed

11i n a wri t ten i n s t ru m en t, [as wel l as ] b ei n g o p en to v ari o us i n t erp ret at i o n s ”) (ci t at i on s

an d p u n ct u at i o n o m i t t ed ).

Fo r t h e fo reg oi n g reas on s , we co n cl u d e t h at t h e t ri a l c o u r t p ro perl y s et as i d e

t h e fo recl o s u re sal e b ecau s e M FB was n ot t h e h o l d er o f t h e Dee d a n d t h u s h ad n o

l e g a l ri g h t t o fo recl o s e o n t he p ro p ert y

. W e fu rt h er co n cl u d e t h at t he t ri al co u rt

p ro p erl y en

jo i ned t h e M FB Ap p el lan t s fro m t ak i ng an y fu rt h er d i s p o s s es s o ry act i o n

b ecau s e n ei t her t he Deed al o ne n o r th e D eed in co n ju n ct i o n w i th th e No t e i n cl u d es

a n affi rm at i v e s tat em en t o f an i n t en t t o ex t en d t he rev ers i o n ary p eri o d t o 2 0 y ears

.

Th erefo re, we affi rm t h e t ri al co u rt ’ s o rd er.

Ju d g men t a f f i r m ed . Do yl e a n d Rees e, JJ., co n cu r

.

12