Georgia Commons9-8-11. Liability of receiver where bank fails.
The only printed version. 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.