50-5A-3 (2019)
Property of state treasurer liable for faithful performance; lien in favor of state
The surety may, by express stipulation in writing, limit its liability to a specific sum to be stated in the bond of the state treasurer, and all the property of the state treasurer to the full amount of the bond and the property of the securities to the amount for which they may be severally bound shall be liable for the faithful performance by the state treasurer of the duties of the office from the date of the execution of the bond. A lien is created in favor of the state upon the property of the state treasurer to the amount of the bond and upon the property of the securities upon the bond to the amount for which they may be severally liable, from the date of the execution of the bond.
History
Ga. L. 1876, p. 126, § 3; Code 1882, § 91a; Civil Code 1895, § 189; Civil Code 1910, § 218; Code 1933, § 40-1002; Ga. L.
1972, p. 1015, §§ 408, 408B, 2102, 2104; Code 1981, § 50-5-4; Code 1981, § 505A-3, as redesignated by Ga. L. 1993, p. 1402, § 2; Ga. L. 2010, p. 863, § 1/SB 296.
Annotations
JUDICIAL DECISIONS Invalid bond due to lack of affidavit. - Since there was no affidavit of the
sureties as to what the sureties were worth attached to the bond, there cannot
be a statutory bond in accordance with this Code section. Mayo v. Renfroe, 66 Ga. 408, 1881 Ga. LEXIS 33 (1881). Enforcement of bond. - Bond of a state depository is enforced in the same manner as the treasurer’s bond. Colquitt v. Simpson & Ledbetter, 72 Ga. 501, 1884 Ga. LEXIS 289 (1884). State acquires lien for amount of executed bond. - Under former Code 1910, §§ 218 and 1252 (see now O.C.G.A. §§ 50-5A-3 and 50-17-58), from the date of the execution of the bond of a state depository, the state has a lien on its property for the amount thereof, and the lien of the state is not limited to such property of the depository as may be reached by levy and sale but extends to all
the property, including choses in action. Standard Accident Ins. Co. v. Luther Williams Bank & Trust Co., 45 Ga. App. 831, 166 S.E. 260, 1932 Ga. App. LEXIS 723 (1932), overruled, Gormley v. Troup County, 178 Ga. 446, 173 S.E. 672, 1934 Ga. LEXIS 70 (1934). Lien covers all assets of depository. - Under former Code 1910, §§ 218, 1252 and 1256 (see now O.C.G.A. §§ 50-5A-3, 50-17-58, and 50-17-59), the state acquires a lien on all the assets of a depository bank, both those at the time of the execution of the bond and those subsequently acquired. Lewis v. Fidelity & Deposit Co., 292 U.S. 559, 54 S. Ct. 848, 78 L. Ed. 1425, 1934 U.S. LEXIS 964 (1934).
RESEARCH REFERENCES C.J.S. 67 C.J.S., Officers and Public Employees, §§ 290, 291, 476, 488. 73 C.J.S., Pub-
lic Administrative Law and Procedure, §§ 26 et seq., 162 et seq. 81A C.J.S., States, § 249 et seq.