Georgia § 23-2-114 - Powers of sale to be construed strictly; manner of sale; who may exercise.

§ 23-2-114. Powers of sale to be construed strictly; manner of sale; who may exercise.

Powers of sale in deeds of trust, mortgages, and other instruments shall be strictly construed and shall be fairly exercised. In the absence of stipulations to the contrary in the instrument, the time, place, and manner of sale shall be that pointed out for public sales. Unless the instrument creating the power specifically provides to the contrary, a personal representative, heir, heirs, legatee, devisee, or successor of the grantee in a mortgage, deed of trust, deed to secure debt, bill of sale to secure debt, or other like instrument, or an assignee thereof, or his personal representative, heir, heirs, legatee, devisee, or successor may exercise any power therein contained; and such powers may so be exercised regardless of whether or not the transfer specifically includes the powers or conveys title to the property described. A power of sale not revocable by death of the grantor or donor may be exercised after his death in the same manner and to the same extent as though the grantor or donor were in life; and it shall not be necessary in the exercise of the power to advertise or sell as the property of the estate of the deceased nor to make any mention of or reference to the death. (Civil Code 1895, § 4023; Civil Code 1910, § 4620; Code 1933, § 37-607; Ga. L. 1937, p. 481, § 1; Ga. L. 1967, p. 735, § 1.) History of section. - The first two sentences of this Code section are derived from the decision in Calloway v. People's Bank, 54 Ga. 441 (1875). Cross references. - Ambiguous terms and rules of construction of instruments, § 11-3-118 . Operation of "open-end" clauses in real estate mortgages and deeds to secure debt, § 44-14-1 . Barring of power of sale in conveyance of real property to secure debt, see § 44-14-81 . Law reviews. - For survey article on real property law, see 60 Mercer L. Rev. 345 (2008). For article, "Buying Distressed Commercial Real Estate: What are the Alternatives?," see 16 (No. 4) Ga. St. B.J. 18 (2010).