O.C.G.A.

O.C.G.A. § 7-1-350 (2019)

Notice of rules governing deposits

✓ 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 bank which has adopted rules governing deposits or withdrawal of deposits shall give notice of the rules and all changes therein to each customer whose deposits are affected by such rules, either by delivery of a copy to such customer or by posting them in a conspicuous area in the main office and in all branch offices of the bank. If such rules are stated on a signature card or other contract signed by the customer, the bank shall be deemed to have given notice of the rules for purposes of this provision even if such signature card or contract is returned to the bank.

History

Ga. L. 1919, p. 135, art. 19, § 47; Code

1933, § 13-2047; Code 1933, § 41A-1601, enacted by Ga. L. 1974, p. 705, § 1.

Annotations

JUDICIAL DECISIONS Failure to give notice not constructive fraud. - Even though a bank had a duty to notify the bank’s customer of a change in the bank’s signature verification procedures, since there was no evidence that the bank refrained from informing the bank’s

customers in order to induce the customers to take or refrain from taking any certain action, there was no showing of constructive fraud. Eason Publications, Inc. v. Nationsbank, 217 Ga. App. 726, 458 S.E.2d 899, 1995 Ga. App. LEXIS 587 (1995).

RESEARCH REFERENCES C.J.S. 9 C.J.S., Banks and Banking, §§ 224, 635. ALR. Status of “Christmas club” deposits, 21 A.L.R. 1128. Crediting amount to depositor’s account as precluding recovery back of money paid to bank by mistake, 25 A.L.R. 129. Liability of correspondent bank to depositor in forwarding bank for breach of duty as to collection of paper, 58 A.L.R. 764. What amounts to a deposit within statute in relation to civil or criminal liability for accepting deposit when bank is unsafe or insolvent, 76 A.L.R. 1320. Trust in proceeds of collections made by charging debtor’s account in collecting bank, 77 A.L.R. 473.

Right of depositor to rescind or claim a trust in respect of a deposit because of insolvency of bank when it is made, 81 A.L.R. 1078. Validity, construction, application, and effect of agreement for, or condition of, indemnity to bank in event of payment to savings bank depositor who cannot produce passbook, 81 A.L.R. 1150. Agreement by depositors to prevent closing, or to assist in opening, of bank as affecting their rights or priorities in respect of their deposits, 88 A.L.R. 1009. Sufficiency of notice to bank of assignment of deposit, 115 A.L.R. 328. Effect on bank depositor’s rights and those of bank, of printed rules in passbook not expressly accepted, 60 A.L.R.2d 708.

Notes of Decisions

Cited in 2 cases, 1995–2007 · leading case: Lilliston v. Regions Bank, 653 S.E.2d 306 (Ga. Ct. App. 2007).

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Lilliston v. Regions Bank, 653 S.E.2d 306 (Ga. Ct. App. 2007). · cites it 2× “Eason Publications held that based on OCGA § 7-1-350 and the account agreement between the defendant bank and its customers, the bank was required to notify its customers of changes in its signature verification procedures for checks debited to a customer’s account.”

Eason Publications, Inc. v. NationsBank, 458 S.E.2d 899 (Ga. Ct. App. 1995). · cites it 2× “NationsBank contends that despite this it had no duty to disclose the change in the verification level. “ ‘Constructive fraud consists of any act of omission or commission, contrary to legal or equitable duty, trust, or confidence justly reposed, which is contrary to good…”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.