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2018 Georgia Code 7-1-600 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-600 Case Law from Google Scholar Amendments to OCGA 7-1-600

TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 2 BANKS AND TRUST COMPANIES

7-1-600. Definitions.

As used in this part, the term:

  1. "Bank" means any moneyed corporation authorized by law to receive deposits of money and commercial paper, to make loans, to discount bills, notes, and other commercial paper, to buy and sell bills of exchange, and to issue bills, notes, acceptances, or other evidences of debt, and shall include incorporated banks, savings banks, banking companies, trust companies, and other corporations doing a banking business and may include corporations who provide some or all of the financial services listed in this paragraph by technological means in lieu of or in addition to traditional geographically based delivery systems but, unless the context otherwise indicates, shall not include national banks or similar corporations. Such term shall include "main office" and any "branch office," unless the context indicates that it does not.
  2. "Bank holding company" means "bank holding company" as defined in Code Section 7-1-605.
  3. "Banking office" or "banking location" means either a main office or a branch office.
  4. "Banking services" shall include all those offerings or services resulting from the exercise of banking powers as granted to banks in this title or by other applicable federal or state law or regulation.
  5. "Branch office" means any location of a bank other than the main office where banking services are offered to the public. It does not include a representative office as defined in Code Section 7-1-590 or a bank extension as defined in Code Section 7-1-603. The department may provide by regulation that certain other activities do or do not constitute the formation of a branch office.
  6. "Main office" means the principal banking location of a bank as such location appears in the records of the department. A bank shall indicate its principal banking location with the department, and if it fails to do so, the department shall choose a banking location of such bank to be the main office and shall so notify such bank.

(Ga. L. 1919, p. 135, art. 1, § 1; Ga. L. 1925, p. 119, § 1; Ga. L. 1927, p. 195, § 1; Code 1933, § 13-201; Ga. L. 1960, p. 67, § 2; Code 1933, § 13-201.1, enacted by Ga. L. 1960, p. 67, § 3; Ga. L. 1963, p. 602, § 1; Ga. L. 1970, p. 954, § 2; Ga. L. 1976, p. 168, § 1; Ga. L. 1986, p. 458, § 8; Ga. L. 1996, p. 6, § 7; Ga. L. 1997, p. 485, § 20; Ga. L. 1999, p. 674, § 17; Ga. L. 2016, p. 390, § 7-12/HB 811.)

The 2016 amendment, effective July 1, 2016, in paragraph (1), in the first sentence, deleted "building and loan associations or" following "national banks or", deleted "associations or" following "similar" in the middle, and deleted the proviso at the end, which read: "; provided, however, that Code Sections 7-1-590 through 7-1-594, providing for the registration of representative offices; Code Sections 7-1-601 and 7-1-602, regulating the operation and establishment of bank branch offices; Code Section 7-1-603, regulating the expansion of existing facilities; and Code Sections 7-1-604 through 7-1-608, restricting the acquisition and ownership of bank shares or assets and regulating the operation of banks and bank holding companies in this state, shall apply to national banks and all other persons, corporations, or associations, by whatever authority organized, doing a banking or trust business in this state.", and substituted "Such term" for "Bank" in the second sentence.

Cross references.

- Applicability of "bank office" and "bank facility" definitions to definitions of "bank" and "branch" in the UCC, § 11-1-201(4).

Law reviews.

- For annual survey of law of business associations, see 43 Mercer L. Rev. 85 (1991).

JUDICIAL DECISIONS

Authority to operate branch banks, construed with §§ 7-1-602 and 7-1-606. - Although a bank holding company may change the corporate structure of the company's banking subsidiaries through merger, consolidation, or purchase, and may continue all of the banking activities of the component banks, a bank holding company may not, through the company's banking subsidiary, acquire "branch banks" and continue to operate the branches as such. First Nat'l Bank of Commerce v. Community Bankers Ass'n, 260 Ga. 371, 394 S.E.2d 95 (1990).

Drive-in facilities.

- Drive-in window would ordinarily fit within the definition of a bank facility. Jackson v. First Nat'l Bank, 349 F.2d 71 (5th Cir. 1965).

Drive-in facility clearly comes within the Georgia definition of a bank facility. Jackson v. First Nat'l Bank, 246 F. Supp. 134 (M.D. Ga. 1965).

Cited in Jackson v. First Nat'l Bank, 292 F. Supp. 156 (N.D. Ga. 1968); Independent Bankers Ass'n v. Dunn, 230 Ga. 345, 197 S.E.2d 129 (1973).

OPINIONS OF THE ATTORNEY GENERAL

Mobile check cashing service would come under jurisdiction of State Banking Department. 1967 Op. Att'y Gen. No. 67-286.

Production Credit Associations are not banks, and statutes applicable to taxation of banks do not apply to Production Credit Associations located in the State of Georgia. 1957 Op. Att'y Gen. p. 312.

Public funds held by county officials may not be deposited in savings and loan associations.

- Public funds held by county officials must be deposited in one or more solvent banks and may not be deposited in savings and loan associations. 1974 Op. Att'y Gen. No. 74-145.

When loan production office is a place of business.

- When a loan production office performs all competitive and service-related functions in soliciting and servicing loans, it clearly is a place of business within the meaning of former Code 1933, § 13-201.1. 1974 Op. Att'y Gen. No. 74-12.

Classification of formerly established branch bank located in same county as principal office.

- Place of banking business which is located within the county in which is located the principal office of the bank, and which was formerly a lawfully established branch bank within the meaning of former Code 1933, § 13-201.1 (see now O.C.G.A. § 7-1-600(5)), is for purposes of former Code 1933, §§ 13-203 and 13-203.1 (see now O.C.G.A. §§ 7-1-601 and7-1-602) to be treated as a bank office as defined by former Code 1933, § 13-201.1 (see now O.C.G.A. § 7-1-600(4)). 1974 Op. Att'y Gen. No. 74-35.

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, § 623 et seq.

C.J.S.

- 9 C.J.S., Banks and Banking, §§ 46, 47.

Cases Citing O.C.G.A. § 7-1-600

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First Nat'l Bank of Com. v. Cmty. Bankers Ass'n of Georgia, Inc., 394 S.E.2d 95 (Ga. 1990).

Cited 1 times | Published | Supreme Court of Georgia | Jul 16, 1990 | 260 Ga. 371

...The commissioner of the department approved the application; other interests within the banking industry filed actions to prohibit the acquisitions; the trial court upheld the commissioner; and the Court of Appeals reversed. The sole issue of the case is whether, under the provisions of OCGA § 7-1-600 (1), a "branch bank" is the equivalent of a "bank" to such extent that the acquisition of a "branch bank" of another bank *372 by a bank holding company's banking subsidiary will authorize the operation by that banking subsidiary of the ac...
...the "branch bank" is located. Statutory Provisions 1. The following statutory provisions govern the case: (a) "Bank" shall include "bank office," "bank facility," "parent bank," and "branch bank," unless the context indicates that it does not. [OCGA § 7-1-600 (1).] (b) "Branch bank" means any additional principal place of business of any parent bank located in a county other than in the county which is specified in the articles of the parent bank and wherein the parent bank is situated. [OCGA § 7-1-600 (5).] (c) In the event of merger or consolidation of two or more banks ....
...68.] 4. This expression of intent is the antithesis of the position espoused by the commissioner and the bank holding company. We hold, for the purposes of the issue before us, that a "branch bank" cannot be equated to a "bank" under the wording of OCGA § 7-1-600 (1)....
...ituated. Judgment affirmed. Smith, P. J., Weltner, Bell, JJ., Judge William M. Towson and Judge Don A. Langham concur; Hunt and Fletcher, JJ., dissent; Benham, J., not participating. Clarke, C. J., disqualified. APPENDIX. We have concluded that OCGA § 7-1-600 (1) cannot have the meaning that the commissioner and the bank holding company ascribe to it....
...ted. [Id. p. 136.] (d) The 1960 Act, Ga. L. 1960, pp. 70-71, enlarged the 1919 definition of "bank" to include "parent bank," "branch bank," "bank office," "bank facility," and "bank holding company," and remains unchanged in its codified form, OCGA § 7-1-600 (1)....
...r branch banks. (d) The 1960 Act eliminated the capital allocation required by the 1919 Act, and modified the "branch bank" definition to its present form. 3. It is not inconsistent with this legislative history to suggest that the existence of OCGA § 7-1-600 (1) may be but a vestigial remainder, devoid of substantive content....
...OCGA § 7-1-602 is entitled, "Bank offices and bank facilities." Bank offices and bank facilities are complete and limited banking services, respectively, and by definition they are located in the same county as the parent bank or branch bank. OCGA § 7-1-600 (2), (4)....
...sis I find this argument unpersuasive, because I interpret § 7-1-605 (a) (2) as addressing itself to those circumstances under which a company becomes a bank holding company in the first instance. (B) Second, the Court of Appeals held that although § 7-1-600 (1) provides that, "`[b]ank' shall include `bank office,' `bank facility,' `parent bank,' and `branch bank,' unless the context indicates that it does not," the pyramidal structure of Part 18 demonstrates that the term "bank" does not mean "branch bank" within the context of § 7-1-606 (e). *382 Section 7-1-600 (1) thus establishes a rule creating a presumptive interchangeableness of the terms "bank," "bank office," "bank facility," "parent bank," and "branch bank," in those instances within Part 18 in which only the term "bank" is used....
...The ultimate question is whether the legislature actually intended the term "bank" to mean "branch bank" within the context of § 7-1-606 (e). For reasons previously given, I would hold that this was the legislative intent. The majority opinion holds that the presumptive interchangeableness of terms provided for in OCGA § 7-1-600 (1) is "a vestigial remainder, devoid of substantive content." In my opinion, that assertion is belied by the fact that the legislature has retained this provision within § 7-1-600 (1) from at least 1960 through the latest reenactment of this Code section in 1986....
...anch bank was to be subject to the same limitations as the parent bank. [3] Each successive Code of Georgia (i.e., those of 1866, 1868, 1873, 1882, 1895, and 1910), included the same definition. [4] This observation points up another reason why OCGA § 7-1-600 (1) cannot authorize the acquisitions at issue....