2023 CODE OF GEORGIA › Title 44 - PROPERTY (§§ 44-1-1 — 44-17-7) › Chapter 3 - REGULATION OF SPECIALIZED LAND TRANSACTIONS (§§ 44-3-1 — 44-3-250) › Article 5 - TIME-SHARE PROJECTS AND PROGRAMS (§§ 44-3-160 — 44-3-207) › Part 7 - MISCELLANEOUS (§§ 44-3-193 — 44-3-207) › Section 44-3-206 - Foreclosure by owners' association; procedure; effect of sale

(a)
An owners' association may foreclose its lien upon a time-share estate in accordance with subsection (c) of Code Section
44-3-109
or with Code Section
44-3-207
or may foreclose its lien under a power of sale that such owners' association shall have under this Code section in order to sell a time-share estate for the purpose of paying any or all unpaid assessments and other charges owed by the owner of such time-share estate.
(b)
(1)
In order for an owners' association to foreclose its lien upon a time-share estate under a power of sale, a notice of sale shall be:
(A)
Accomplished in writing sent by registered or certified mail or statutory overnight delivery, return receipt requested, to the property address of the owner most recently provided to the owners' association no later than 30 days prior to the date of the proposed sale and shall be deemed given on the official postmark day or the day on which it is received for delivery by a commercial delivery firm;
(B)
Provided in writing to any lien holder, sent by registered or certified mail or statutory overnight delivery, return receipt requested; and
(C)
Provided by advertising the time, place, and terms of said sale in a newspaper in which sheriff's advertisements are published in the county where the development is located, once a week during the four calendar weeks immediately preceding the calendar week of the date of such sale.
(2)
Any sale pursuant to this subsection shall occur on a legal sale day within the legal hours of sale at the legal place of sale in the county where the development is located.
(c)
A sale undertaken as authorized by this Code section shall divest the owner of all right, title, interest, and equity that such owner has in or to the time-share estate and shall vest fee simple title to the time-share estate in the purchaser or purchasers at said sale. The proceeds of said sale shall be applied first in accordance with the lien priorities set forth in paragraphs (1) through (4) of subsection (a) of Code Section
44-3-109
, after which any remaining proceeds shall be applied to the payment in full of such unpaid assessments and other charges and next to the payment of all expenses actually incurred by the owners' association in connection with said proceedings, including attorneys' fees, and any remaining proceeds shall be paid to the owner. The owners' association may bid at said sale and purchase the time-share estate.
(d)
For the purpose of carrying out and effectuating the power of sale authorized by this Code section, the owners' association shall be constituted the true and lawful attorney-in-fact of such owner to sell such time-share estate, as provided in this Code section, and convey the same to the purchaser or purchasers at said sale in as full and ample a manner as such owner could do in person. The power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise.
Amended by 2023 Ga. Laws 337,§ 2, eff. 7/1/2023.
Added by 2022 Ga. Laws 798,§ 1, eff. 5/2/2022.
Added by 2022 Ga. Laws 762,§ 1, eff. 5/2/2022.