Georgia CommonsTitle 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 7. RECEIVERSHIP POWERS AND PROCEDURES GENERALLY
7-1-163. Notice to holders of assets; power of court to order transfer.
Current through: Including Acts of the 2025 Regular Session of the General Assembly.
- (a)
Upon becoming receiver, the department shall forthwith give notice in writing of such fact to all corporations and persons having custody or possession of any assets or other property of the financial institution in receivership or of any other property with respect to which such institution has a right to possession or custody for any purpose whatsoever.#
- (b)
The principal court shall have the power, except in cases where a jury trial is requested, upon petition of the department, to order any corporation or person which has custody or possession of assets or other property to which such financial institution shall have the right of custody or possession, for any reason whatsoever, to transfer or convey such property to the department and to execute and deliver any instrument necessary to accomplish that purpose.#
- (c)
Any person aggrieved by an order of the court may request a jury trial to determine the validity of his claim.#
History
Ga. L. 1919, p. 135, art. 7, § 5; Ga. L. 1927, p. 195, § 2; Code 1933, § 13-805; Code 1933, § 41A-714, enacted by Ga. L. 1974, p. 705, § 1.
Read the official page (the state's PDF, opened at the page this text was read from).
Current through: Including Acts of the 2025 Regular Session of the General Assembly.
Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, pages 105 to 106; merge action: carried; file SHA-256 5c69f28428d8.
Ask about this section
The answer is drawn from this section and, when they fit, the other sections of its chapter. It quotes the text and names the section for each claim. Not legal advice.