Palmetto Capital Corp. v. Smith

MlKELL, Judge.

Palmetto Capital Corporation (“Palmetto”) appeals from a grant of summary judgment to Michael and Shirley Smith (“the Smiths”) in the wake of Palmetto’s suit to enforce a security interest, including a right to foreclose, in real property located in Newnan. Because the collateral assignment granting Palmetto the security interest and its power to foreclose is enforceable, and because the Smiths took possession of the property with notice of that power, we reverse.

As the parties stipulated in the trial court, the relevant facts are undisputed. In February 1998, Palmetto lent…