Untitled Deck Flashcards
What is a deed to secure a debt?
A deed to secure a debt, also known as a security deed, is an absolute conveyance that can be treated as an equitable mortgage in Georgia.
What happens to title when a deed to secure a debt is executed?
Title passes to the grantee until the debt is paid.
Can the grantor reserve rights in a security deed?
Yes, the grantor may reserve the right to have the property reconveyed upon payment of the debt.
How is a security deed commonly used in Georgia?
It is commonly used in place of a mortgage.
What is the statute of limitations regarding a security deed in Georgia?
Even if an action to collect the original debt is barred, a grantee may still exercise rights under the security deed.
When does title revert to the grantor in a security deed?
Title reverts to the grantor after seven years from the maturity of the debt.
What if the parties intend to establish a perpetual security interest?
Title reverts at the later of: (1) seven years from the maturity of the debt; or (2) 20 years from the date of the conveyance.
What is the right to lateral and subjacent support of land?
Ownership of land includes the right to have the land supported in its natural state by adjoining land.
What liability does an adjacent landowner have if their excavation causes land to cave in?
Typically, the excavator will be liable only if negligent.
What is strict liability in the context of land support?
Strict liability applies if the plaintiff shows that the improved land would have collapsed due to the defendant’s actions.
