finance

Security Deed (Deed to Secure Debt)

The usual Georgia security instrument, in which the borrower conveys legal title to the lender as security and the lender reconveys when the debt is paid, making Georgia a title-theory state. It nearly always contains a power of sale allowing nonjudicial foreclosure: 30 days' written notice to the debtor, advertisement once a week for four weeks, recording of the deed, and sale on the first Tuesday of the month at the courthouse. There is no statutory right of redemption, and a deficiency requires court confirmation within 30 days.