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2018 Georgia Code 7-1-150 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-150 Case Law from Google Scholar Amendments to OCGA 7-1-150

TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 1 PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY

7-1-150. Taking of possession by department; cumulative remedies.

  1. The department may in its discretion take possession of the business and property of any financial institution whenever such financial institution:
    1. Is insolvent or in an unsafe or unsound condition to transact its business;
    2. Has generally suspended payment of its obligations, without authority of law;
    3. Has violated any court order, statute, rule, or regulation, or its articles and the department determines that its continued control of its own affairs threatens injury to the public, the financial community, or its depositors and other creditors; or
    4. Requests the department, by its board of directors, to take possession for the benefit of depositors, other creditors, and shareholders.
  2. The right of the department to take possession of a financial institution shall be in addition to and cumulative with all other rights, remedies, and powers of the department. The department may, in its discretion before or after taking possession, petition the principal court for appointment of a receiver pursuant to subsection (c) of Code Section 7-1-151.

(Ga. L. 1919, p. 135, art. 7, § 1; Ga. L. 1925, p. 165, § 10; Code 1933, §§ 13-801, 13-802, 25-122; Ga. L. 1935, p. 114, § 1; Ga. L. 1937-38, Ex. Sess., p. 307, § 7; Ga. L. 1943, p. 279, § 1; Ga. L. 1956, p. 742, § 4; Ga. L. 1960, p. 977, § 1; Ga. L. 1962, p. 74, § 3; Ga. L. 1967, p. 597, § 2; Ga. L. 1968, p. 465, § 8; Code 1933, § 41A-701, enacted by Ga. L. 1974, p. 705, § 1.)

JUDICIAL DECISIONS

Exercises of discretion not interfered with absent gross abuse.

- Under banking laws of this state, the superintendent of banks (now commissioner of banking and finance), is vested with broad discretion in supervision of banks and in determining when a particular bank should be closed for purpose of liquidation; the superintendent's discretion in such matters will not be interfered with by the court, unless that discretion has been exercised arbitrarily or capriciously and thus grossly abused. McGinty v. Gormley, 181 Ga. 644, 183 S.E. 804 (1935).

Injunctive relief to enjoin interference with department's possession.

- Court of equity will enjoin any unauthorized interference with possession of superintendent of banks (now department of banking and finance) of assets of insolvent bank. Especially will injunction in such case lie when the plaintiff also contests the justness of the laborers' liens sought to be enforced against the grantor in the security deed and property therein conveyed. Bennett v. Green, 156 Ga. 572, 119 S.E. 620 (1923).

RESEARCH REFERENCES

C.J.S.

- 9 C.J.S., Banks and Banking, §§ 132, 133.

ALR.

- Balance due other banks on clearing house settlement as preferred claim against insolvent bank, 44 A.L.R. 1535.

When bank deemed insolvent, or "hopelessly" insolvent, in civil cases, 85 A.L.R. 811.

Bank conservators, 107 A.L.R. 1431.

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