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2018 Georgia Code 7-1-158 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-158 Case Law from Google Scholar Amendments to OCGA 7-1-158

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

7-1-158. Appointment of deputy receivers, counsel, and other assistants.

The department may appoint one or more official agents, to be known as deputy receivers, to assist it in the management, reorganization, consolidation, liquidation, or distribution of the assets and affairs of any financial institution of which it has taken possession as receiver. The department may delegate to each deputy receiver any duty imposed upon or any right or power granted to it as receiver. The department may also employ such other assistants as it deems necessary, including such assistant attorneys general or other attorneys as may be appointed by the Attorney General or independently retained by the department in connection with the receivership. The department may also retain, to assist it in the management, reorganization, consolidation, liquidation, or distribution, any officer or other employee of the financial institution of which it has taken possession.

(Ga. L. 1919, p. 135, art. 7, § 9; Ga. L. 1931, p. 7, § 91; Code 1933, §§ 13-811, 13-812; Code 1933, § 41A-709, enacted by Ga. L. 1974, p. 705, § 1.)

JUDICIAL DECISIONS

Designation of agent to perform duties connected with liquidation.

- Although the superintendent (now department) is not required to transfer bank assets and affairs to the superintendent's office, the superintendent is not expected to be present at all times at the office of the bank, either in person or by agent clothed with the superintendent's power. The superintendent may designate an agent to perform such duties connected with liquidation as the superintendent could do personally. Bennett v. Simmons, 30 Ga. App. 529, 118 S.E. 493 (1923).

Department may surrender bank to bank's officers rather than appoint agent.

- Circumstances of a particular case may not demand appointment of such agent. The superintendent (now department) may conclude to surrender the bank to the bank's officers. Bennett v. Simmons, 30 Ga. 529, 118 S.E. 493 (1923).

Authority to make collections.

- Fact that some person is, during superintendent's (now department's) control, in building or office of bank, engaged in work upon the bank's books or papers, does not, without more, establish that the person has authority to make collections. This is true for the reason, among others, that the superintendent may employ such attorneys or others as may be necessary in liquidation and distribution of the assets. Bennett v. Simmons, 30 Ga. App. 529, 118 S.E. 493 (1923).

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, § 104.

ALR.

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

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