Skip to content
Georgia Commons
Menu

Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 9. RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS

7-1-221. Status of department in relation to trust and pooled assets.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    Upon taking possession of a financial institution, the department shall hold trust and pooled assets separate from the assets of the financial institution itself. Trust and pooled assets shall not be available for distribution to depositors, other creditors, or shareholders.#

  2. (b)

    The department as receiver shall have all rights, powers, and duties of the financial institution in regard to trust and pooled assets, including title to the assets and the right to administer them.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 41A-902, 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, page 131; merge action: carried; file SHA-256 5c69f28428d8.