O.C.G.A.

O.C.G.A. § 7-1-225 (2019)

Transfers to substituted trustee or manager with accounting; deficiencies

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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Except as authorized by Code Section 7-1-224, the department shall, upon appointment of a substituted trustee or manager, file a full account with the appropriate court setting forth its administration of the trust or pooled assets and shall, upon the order of the court, transfer the trust or pooled assets to the substituted trustee or manager. Whenever the court shall determine that there is a deficiency in regard to the trust or pooled assets or that the financial institution is liable for a surcharge in connection therewith, the amount thereof shall constitute a claim against the financial institution. Such claim shall be filed in the manner of other claims with the principal court within 30 days of a final adjudication with respect to the amount thereof.

History

Code 1933, § 41A-906, enacted by Ga. L. 1974, p. 705, § 1.

PART 10 CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS

Annotations

Cross references. Requirement that department approve of merger or consolidation of state banks or trust companies, § 7-1-534.

Requirement that department approve mergers, consolidations, and other activities involving national banks, § 7-1-550 et seq.