9-8-11. Liability of receiver where bank fails.

Active

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

Where funds are in the hands of a receiver pending a final disposition, the receiver may deposit the funds into a bank or trust company which is insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation, or successor entities. If the receiver fails to utilize such an insured bank or trust company, he shall be personally liable for any resulting loss.

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

Civil Code 1895, § 4909; Civil Code 1910, § 5484; Code 1933, § 55-310.

Other notes

History of Section.: The language of this Code section is derived in part from the decision in Ricks v. Broyles, 78 Ga. 610, 3 S.E. 772 (1887).

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 t9-ch1-10-(v6)-2023-pdf.pdf, Volume V6, 2023 edition, page 607; merge action: carried; file SHA-256 ea8a520ad52f.

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