In re SGE Mortgage (99-71191)
The court granted the Debtor’s motion for summary judgment against the 544 individual investor defendants. Referencing its Memorandum Opinion entered on November 19, 2001, the court held that the Georgia Uniform Commercial Code, not the Georgia real estate recording statutes, applied to the transactions between the Debtor and the individual investor defendants. Therefore, because the evidence demonstrated that none of the individual investor defendants had possession of the original loan documents in which they claimed an interest, the court held that the individual investor defendants had an unperfected interest in the loans.
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Date:
Saturday, December 1, 2001