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O.C.G.A. § 7-1-221 — Status of department in relation to trust and pooled assets | Georgia Code
O.C.G.A. § 7-1-221 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

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

7-1-221. Status of department in relation to trust and pooled assets.

  1. Upon taking possession of a financial institution, the department shall hold trust and pooled assets separate from the assets of the financial institution itself. Trust and pooled assets shall not be available for distribution to depositors, other creditors, or shareholders.
  2. The department as receiver shall have all rights, powers, and duties of the financial institution in regard to trust and pooled assets, including title to the assets and the right to administer them.

(Code 1933, § 41A-902, enacted by Ga. L. 1974, p. 705, § 1.)

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This Georgia Code resource is curated by Graham Syfert, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.