Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 2. BANKS AND TRUST COMPANIES · Part 4. POWERS OF TRUST COMPANIES

7-1-318. Prohibition on pledging or creating a lien by trust companies; void actions.

Active

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

(a)
No trust company shall pledge or create a lien on any of its assets except to secure:#
1. (1)
  The repayment of money borrowed; or#
2. (2)
  Trust accounts administered by the trust company.#
(b)
An act, deed, conveyance, pledge, or contract in violation of this Code section shall be considered void.#

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.

Code 1981, § 7-1-318, enacted by Ga. L. 2017, p. 193, § 8/HB 143.

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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 195; merge action: carried; file SHA-256 5c69f28428d8.