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2018 Georgia Code 50-17-52 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 50-17-52 Case Law from Google Scholar Amendments to OCGA 50-17-52

TITLE 50 STATE GOVERNMENT

Section 17. State Debt, Investment, and Depositories, 50-17-1 through 50-17-105.

ARTICLE 3 STATE DEPOSITORIES

50-17-52. Contracts for interest on deposits; authority to remove deposits.

The board shall make with depositories the most advantageous contracts for interest to be paid by them to the state for the use of the state's money which may be deposited therein, as provided by this article. In so doing, the board may authorize the state treasurer to negotiate with depositories explicit fees in payment for the state's banking services.Such fees shall be paid by the state treasurer from interest earned and shall be subject to the board's approval.In the event any depository so named shall refuse to make a satisfactory contract with the board as to interest to be paid and fees to be charged, it shall have authority to remove state funds from such depository.

(Ga. L. 1878-79, p. 88, § 2; Code 1882, § 943b; Ga. L. 1895, p. 22, § 1; Civil Code 1895, § 984; Civil Code 1910, § 1251; Code 1933, § 100-103; Ga. L. 1949, p. 13, § 8; Ga. L. 1992, p. 1247, § 2; Ga. L. 2010, p. 863, § 4/SB 296.)

JUDICIAL DECISIONS

Recovery of principal and interest from receiver.

- When a bank has made a contract with the state, whereby the bank agrees to pay the state a certain rate of interest on daily balances on deposit in the bank, belonging to the state, and the bank subsequently becomes insolvent and a receiver is appointed to take charge of the bank's assets, the state can recover of the receiver the principal sum due the state and interest at the contract rate to the date of the appointment of a receiver for the assets of the bank. Central Bank & Trust Corp. v. State, 139 Ga. 54, 76 S.E. 587 (1912).

OPINIONS OF THE ATTORNEY GENERAL

Limitations on purchases of negotiable certificates of deposit.

- Terms "the most advantageous contracts for interest" and "time deposit agreements" permit the state treasurer to purchase negotiable certificates of deposit from state depositories provided the negotiable certificates of deposit are at the rates of interest required by the State Depository Board. 1971 Op. Att'y Gen. No. 71-79.

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