---
title: O.C.G.A. § 7-1-175. Ability of department to reject executory contract or lease of financial institution in receivership.
collection: code
id: 7-1-175
cite_as: O.C.G.A. § 7-1-175 (2025)
canonical_url: https://georgiacommons.org/code/7-1-175
md_url: https://georgiacommons.org/code/7-1-175.md
text_url: https://georgiacommons.org/code/7-1-175/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t7-t8-(v5)-2024-pdf.pdf?sfvrsn=6386add7_0#page=113
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/7-1.md
previous: https://georgiacommons.org/code/7-1-174.md
next: https://georgiacommons.org/code/7-1-176.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: BANKING AND FINANCE / FINANCIAL INSTITUTIONS / DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY / RECEIVERSHIP POWERS AND PROCEDURES GENERALLY
---

# O.C.G.A. § 7-1-175. Ability of department to reject executory contract or lease of financial institution in receivership.

Within 180 days after the department takes possession of a financial institution, the department, as receiver, may at its election reject any executory contract to which the financial institution is party without further liability to the financial institution or the receiver or may reject any obligation of the financial institution as a lessee of real or personal property. The department’s election to reject a lease creates no claim for rent other than rent accrued to the date of termination or for actual damages, if any, for such termination, not to exceed the equivalent of six months’ payment.

## History

Code 1981, § 7-1-175, enacted by Ga. L. 1984, p. 949, § 3.