Brown v. Georgia State Bank

234 S.E.2d 151 | Ga. Ct. App. | 1977

141 Ga. App. 570 (1977)
234 S.E.2d 151

BROWN
v.
GEORGIA STATE BANK.

53507.

Court of Appeals of Georgia.

Argued March 2, 1977.
Decided March 11, 1977.

*571 Barry Staples, David S. Marotte, Duard R. McDonald, Jo Ann Miles, for appellant.

Holcomb & McDuff, Michael G. Colquitt, Frank D. Holcomb, for appellee.

DEEN, Presiding Judge.

The appellant concedes that the question on this appeal is whether a secured purchase-money creditor must first foreclose on the secured property and then seek a deficiency or whether he can seek a general judgment on the debt without foreclosing on the security. The appellant argues that the appellee as a secured purchase-money creditor is limited to the procedures of Code Ann. § 67-1503 et seq. and may not elect to proceed under Code § 67-1501. This argument was rejected in Gentry v. Hibbler-Barnes Co., 113 Ga. App. 1, 2 (147 SE2d 31). "A creditor who holds a promissory note secured by a deed is not put to an election of remedies as to whether he shall sue upon the note or exercise a power of sale contained in the deed, but he may do either, or `pursue both remedies concurrently until the debt is satisfied.'" Oliver v. Slack, 192 Ga. 7, 8 (14 SE2d 593) and cits. There is no merit in the enumerations of error.

Judgment affirmed. Webb and Marshall, JJ., concur.