GA 40-3-53 - GA 40-3-53

JUDICIAL DECISIONS Actual notice of prior lien preserves priority. - Although the holder of a security interest may fail to comply with the provisions relating to the perfection of a security interest, it is well settled that actual notice of the prior lien to one who subsequently purchases or acquires a security interest is sufficient to preserve the priority of the lien or of the title. Hopkins v. Kemp Motor Sales, Inc., 139 Ga. App. 471 , 228 S.E.2d 607 (1976). Priorities as between lenders. - When two lenders hold security agreements in the same property, and when, at the time of the second loan, the first lender's interest in the property was not perfected and the second lender had the opportunity to present the original certificate of title with a proper application to the commission...