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
7-1-225. Transfers to substituted trustee or manager with accounting; deficiencies.
Current through: Including Acts of the 2025 Regular Session of the General Assembly.
Except as authorized by Code Section 7-1-224, the department shall, upon appointment of a substituted trustee or manager, file a full account with the appropriate court setting forth its administration of the trust or pooled assets and shall, upon the order of the court, transfer the trust or pooled assets to the substituted trustee or manager. Whenever the court shall determine that there is a deficiency in regard to the trust or pooled assets or that the financial institution is liable for a surcharge in connection therewith, the amount thereof shall constitute a claim against the financial institution. Such claim shall be filed in the manner of other claims with the principal court within 30 days of a final adjudication with respect to the amount thereof.
History
Code 1933, § 41A-906, enacted by Ga. L. 1974, p. 705, § 1.
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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 133; merge action: carried; file SHA-256 5c69f28428d8.