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2018 Georgia Code 7-1-176 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-176 Case Law from Google Scholar Amendments to OCGA 7-1-176

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

7-1-176. Sale of assets of financial institution in receivership.

  1. Whenever the department as receiver, with leave of court as provided in Code Section 7-1-156, undertakes to sell all or part of the assets of a financial institution in its possession in consideration of the assumption by the purchaser of the liabilities due to depositors and other creditors other than the holders of subordinated securities, the department shall be under no further obligation to file any inventory, appraisement, partial accounting, or deliver any notice to creditors other than holders of subordinated securities until the filing of the final accounting unless otherwise directed by the court.
  2. Notwithstanding any other law to the contrary, in facilitation of a purchase of assets and assumption of liabilities as described in subsection (a) of this Code section, all or any part of the assets may be sold to the deposit insurer for the financial institution in liquidation notwithstanding such insurer's capacity as receiver or deputy receiver of the financial institution. Such insurer as receiver or deputy receiver may also borrow from itself in its corporate capacity any amounts necessary to facilitate the assumption of deposit liabilities by an existing financial institution or a newly chartered financial institution, assigning any part or all of the assets of the closed bank as security for such loan.

(Code 1981, §7-1-176, enacted by Ga. L. 1984, p. 949, § 4.)

PART 8 C LAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS

RESEARCH REFERENCES

Liability for Torts Committed in Repossession, 42 POF355.

ALR.

- Trust or preference in respect of money placed in bank for purpose of transaction with third person where bank subsequently becomes insolvent, 31 A.L.R. 472; 93 A.L.R. 881.

Prerogative right of county or other political subdivision to preference in assets of insolvent, 52 A.L.R. 755; 90 A.L.R. 208.

Character of service contemplated by statutes giving a lien or preference, in event of insolvency, to servants, employees, laborers, etc., 54 A.L.R. 567.

Right of one indebted to insolvent bank to setoff deposits which he has made as trustee, 55 A.L.R. 822.

Election of remedies or estoppel as regards claims against insolvent bank, 69 A.L.R. 456.

Insolvency of bank guaranty fund as affecting rights or obligations of member banks and their depositors, 78 A.L.R. 808.

Construction and effect of statutes or constitutional provisions in relation to priority or preference of deposits in assets of insolvent bank or trust company, 86 A.L.R. 1310; 93 A.L.R. 1017.

Rights against receiver or other liquidating officer of bank as to paper deposited before but not collected at the time bank closed its doors, 94 A.L.R. 1395.

Character or class of claims protected by deposit by foreign corporation as condition of doing business, and rank or priority of such claims, 104 A.L.R. 748.

Rights and preferences in respect of assets of insolvent bank as affected by its division into departments, 114 A.L.R. 680.

Rights of owners of securities deposited in bank, upon its insolvency, 126 A.L.R. 625.

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