---
title: O.C.G.A. § 7-1-221. Status of department in relation to trust and pooled assets.
collection: code
id: 7-1-221
cite_as: O.C.G.A. § 7-1-221 (2025)
canonical_url: https://georgiacommons.org/code/7-1-221
md_url: https://georgiacommons.org/code/7-1-221.md
text_url: https://georgiacommons.org/code/7-1-221/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=131
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/7-1-220.md
next: https://georgiacommons.org/code/7-1-222.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 PROCEDURES INVOLVING TRUST OR POOLED ASSETS
---

# O.C.G.A. § 7-1-221. Status of department in relation to trust and pooled assets.

(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.

(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.

## History

Code 1933, § 41A-902, enacted by Ga. L. 1974, p. 705, § 1.