The Act amends the entirety of those provisions of the Code regarding commercial paper, namely negotiable instruments and bank deposits and collections. The Act largely adopts Uniform Commercial Code Articles 3 and 4. The purpose of the Act is to keep regulations current with technology and business practices and to
The first Act (which came from HB 244) requires that Uniform Commercial Code financing statements, amendment statements, continuation statements, termination statements, assignment of rights, and release of collateral be presented for filing on forms prescribed by the Georgia Superior Court Clerks' Cooperative Authority. The Act also provides for the
The Act defines the legal relationship between a real estate broker and other parties to a real estate transaction, and establishes the duties and responsibilities in those relationships. The Provisions of the Act may serve as a basis for a defense or a private right of action by real estate
The Act amends Georgia's Commercial Code to add a new Article 2A, designed to uniformly and comprehensively address the legal issues raised by leasing transactions in goods. This addition to Georgia's Commercial Code follows Article 2A of the Uniform Commercial Code as amended in 1990.
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The Act provides that contracts in partial restraint of trade that are reasonable are valid and enforceable. The Act establishes rules for determining when a restrictive covenant is reasonable and establishes procedures for identification, clarification and reformulation of such covenants. Courts must enforce restrictive covenants independently of the enforceability of
The Act adds a new section to the chapter of the Code dealing with damages in contract actions to provide for a civil remedy for the payee of a dishonored check. The Act permits double damages up to a maximum of $500, a service charge, and court costs and also
The Act adds a requirement for a maturity date on financing statements or specification that the obligation does not have a maturity date; provides that the duration of the financing statement shall be for five years or twenty days after the maturity date; and provides for a maturity date on
