GA Code § 44-14-60 (2021)
2021 Georgia Code|Title 44 - Property|Chapter 14 - Mortgages, Conveyances to Secure Debt, and Liens|Article 3 - Conveyances to Secure Debt and Bills of Sale|Part 1 - In General|§ 44-14-60. Deed to Secure Debt as Absolute Deed; Necessity of Bond of Title or to Reconvey

 Whenever any person in this state conveys any real property by deed to secure any debt to any person loaning or advancing the grantor any money or to secure any other debt and takes a bond for title back to the grantor upon the payment of the debt or debts or in like manner conveys any personal property by bill of sale and takes an obligation binding the person to whom the property is conveyed to reconvey the property upon the payment of the debt or debts, the conveyance of real or personal property shall pass the title of the property to the grantee until the debt or debts which the conveyance was made to secure shall be fully paid. Such conveyance shall be held by the courts to be an absolute conveyance, with the right reserved by the grantor to have the property reconveyed to him upon the payment of the debt or debts intended to be secured agreeably to the terms of the contract, and shall not be held to be a mortgage. No bond for title or to reconvey shall be necessary where the deed shows upon its face that it is given to secure a debt.   (Ga. L. 1871-72, p. 44, § 1; Ga. L. 1872, p. 47, § 1; Code 1873, § 1969; Code 1882, § 1969; Ga. L. 1884-85, p. 57, § 1; Civil Code 1895, § 2771; Civil Code 1910, § 3306; Ga. L. 1924, p. 56, § 1; Code 1933, § 67-1301.)   Law reviews.   - For article comparing rights of grantees holding deeds to secure debts against a bankrupt debtor to those rights of the mortgagee and lienor, see 10 Ga. B.J. 5 (1947). For comment on Chase v. Endsley, 165 Ga. 292, 140 S.E. 876 (1927), see 1 Ga. L. Rev. No. 3 p. 49 (1927). For comment on Hertz Driv-Ur-Self Stations, Inc. v. Arnold, 85 Ga. App. 175, 68 S.E.2d 182 (1952), holding that where a lender takes a bill of sale on personal property to secure debt but authorizes borrower to sell property upon certain conditions, a purchaser without knowledge of the conditions takes free of lender's lien, see 14 Ga. B.J. 472 (1952). For comment on Manchester Motors, Inc. v. Farmers & Merchants Bank, 91 Ga. App. 811, 87 S.E.2d 342 (1955), see 18 Ga. B.J. 82 (1955). For comment on Ruff v. Lee, 230 Ga. 426, 197 S.E.2d 376 (1973), see 8 Ga. L. Rev. 264 (1973).   JUDICIAL DECISIONS   ANALYSIS    General Consideration   Form and Requisites   Determining Nature of Instrument   Rights of Grantor   Rights of Grantee   Priorities   Transfer or Assignment   Foreclosure    OPINIONS OF THE ATTORNEY GENERAL   Grantor retains equitable rights.    - Despite the strong language of O.C.G.A. § 44-14-60, the grantor in a security deed retains certain equitable rights in the land. 1972 Op. Att'y Gen. No. U72-105.   RESEARCH REFERENCES   Am. Jur. 2d.   - 23 Am. Jur. 2d, Deeds, §§ 3, 4. 55 Am. Jur. 2d, Mortgages, § 102 et seq.   C.J.S.   - 59 C.J.S., Mortgages, §§ 8 et seq., 28.   ALR.    - Remedy of judgment creditor where debtor surrenders property to vendee under prior security deed, 36 A.L.R. 805.    Extension of existing real estate mortgage or deed of trust by subsequent agreement to cover additional indebtedness, 76 A.L.R. 574.    Excessive security for debt as affecting question of fraud upon creditors, 138 A.L.R. 1051.    Deed absolute on its face, with contemporaneous agreement or option for repurchase by grantor, as mortgage vel non, 155 A.L.R. 1104.   Lien as estate or interest in land within venue statute, 2 A.L.R.2d 1261.   Effect of supplying of description of property conveyed after manual delivery of deed or mortgage, 11 A.L.R.2d 1372.