Bill Text: GA HB465 | 2011-2012 | Regular Session | Comm Sub

Georgia House Bill 465 (Prior Session Legislation)

Bill Title: Instruments conveying interest; transfers of security instruments; include

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2011-04-14 - House Withdrawn, Recommitted [HB465 Detail]

Download: Georgia-2011-HB465-Comm_Sub.html

11 LC 29 4754S

The House Committee on Banks and Banking offers the following substitute to HB 465:

A BILL TO BE ENTITLED
AN ACT

To amend Article 1 of Chapter 5 of Title 14 of the Official Code of Georgia Annotated, relating to general provisions for miscellaneous provisions relating to corporations, so as to change provisions relating to the execution of instruments by corporations conveying interest in real property or releasing security agreements; to include transfers of security instruments, deeds to secure debt, and mortgages within the ambit of Code Section 14-5-7; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article 1 of Chapter 5 of Title 14 of the Official Code of Georgia Annotated, relating to general provisions for miscellaneous provisions relating to corporations, is amended by revising Code Section 14-5-7, relating to execution of instruments conveying interest in real property or releasing security agreements, as follows:

"14-5-7.

(a) Instruments executed by a corporation conveying an interest in real property, when signed by the president or vice-president and attested or countersigned by the secretary or an assistant secretary or the cashier or assistant cashier of the corporation, shall, notwithstanding the lack of a corporate seal, be conclusive evidence that the president or vice-president of the corporation executing the document does in fact occupy the official position indicated; that the signature of such officer subscribed thereto is genuine; and that the execution of the document on behalf of the corporation has been duly authorized. Any corporation may by proper resolution recorded with the document authorize the execution of such instruments by other officers of the corporation.

(b) Instruments executed by a corporation releasing or transferring a deed to secure debt, mortgage, or other security agreement, when signed by one officer the president, vice-president, secretary, or assistant secretary of the corporation or by an individual designated by the officers of the corporation by proper resolution, without the necessity of the corporation's seal being attached, shall be conclusive evidence that said officer signing is duly authorized to execute and deliver the same shall, notwithstanding the lack of a corporate seal, be conclusive evidence that the officer of the corporation executing the document does in fact occupy the official position indicated; that the signature of such officer subscribed thereto is genuine; and that the execution of the document on behalf of the corporation has been duly authorized. Any corporation may by proper resolution recorded with the document authorize the execution of such instruments by other officers of the corporation."

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.