Statute of Frauds
SB 37 was introduced by Sen. William T. Ligon, Jr. (R), Brunswick. The bill is being offered in response to the Georgia Court of Appeals’ recent decision in Crop Production Services, Inc. v. T.E. Moye, wherein the Court of Appeals ruled that the Statute of Frauds, a law requiring that certain agreements be evidenced by a signed writing and not solely oral communications, did not apply to the cancellation of a guaranty. While the statute of frauds is a rather technical legal doctrine, the Moye decision overturned prior case law which held that cancellations and modifications of documents subject to the Statute of Frauds must also be in writing. SB 37 is a simple and straightforward piece of legislation intended to codify the prevailing law prior to the Moye decision.
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EVP, Chief of Staff, Government & Regulatory Relations