O.C.G.A.
O.C.G.A. § 7-1-318 (2019)
Prohibition on pledging or creating a lien by trust companies; void actions
✓ 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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(a) No trust company shall pledge or create a lien on any of its assets except to secure:
(1) The repayment of money borrowed; or
(2) Trust accounts administered by the trust company.
(b) An act, deed, conveyance, pledge, or contract in violation of this Code section shall be considered void.
History
Code 1981, § 7-1-318, enacted by Ga. L. 2017, p. 193, § 8/HB 143.
Annotations
RESEARCH REFERENCES Am. Jur. 2d. 10 Am. Jur. 2d, Banks and Financial Institutions, § 23.
T.7, C.1, A.2, P.4A
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