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Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 2. BANKS AND TRUST COMPANIES · Part 4A. AFFILIATE TRANSFERS

7-1-323. Appointment of affiliated trust company as agent for bank; liability of bank for actions of agent.

Active

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

  1. In addition to and not in limitation of the other powers provided in this part, any bank shall be entitled and empowered to designate an affiliated trust company as its agent for the performance of all acts, obligations, and responsibilities of the bank with respect to any fiduciary capacity. In such event, the bank shall remain fully responsible and liable with respect to all actions of the affiliated trust company as if performed by the bank itself. No such agency relationship shall:

  2. (1)

    Be deemed an impermissible delegation of responsibility or duty by the bank; or#

  3. (2)

    Constitute a resignation or disqualification of the bank as fiduciary or a relinquishment of trust powers by the bank.#

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 1981, § 7-1-323, enacted by Ga. L. 1986, p. 1244, § 1; Ga. L. 1992, p. 6, § 7.

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

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O.C.G.A. § 7-1-323. Appointment of affiliated trust company as agent for bank; liability of bank for actions of agent. | Georgia Commons