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2018 Georgia Code 7-1-780 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)

O.C.G.A. 7-1-780 Case Law from Google Scholar Amendments to OCGA 7-1-780

TITLE 7 BANKING AND FINANCE

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

ARTICLE 7 BUILDING AND LOAN ASSOCIATIONS AND SAVINGS AND LOAN ASSOCIATIONS

7-1-780. Lien on deposits to secure loans.

To secure loans, savings and loan associations shall have a lien without further agreement or pledge upon all deposits with it by a borrower; and, upon default upon any loan, any such association may, without notice to or consent of the borrower, cancel on its books part or all of the amount outstanding to the credit of the borrower not exceeding his obligations to the association and apply such amount in payment of the obligations.

(Ga. L. 1937-38, Ex. Sess., p. 307, § 11; Code 1933, § 41A-3511, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2016, p. 390, § 7-4/HB 811.)

The 2016 amendment, effective July 1, 2016, deleted "building and loan associations and" preceding "savings and loan associations" near the beginning of this Code section.

JUDICIAL DECISIONS

"Freeze" on checking account funds did not violate the automatic stay provisions of the Bankruptcy Code. Georgia Fed. Bank v. Owens-Peterson, 39 Bankr. 186 (Bankr. N.D. Ga. 1984).

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, § 780.

C.J.S.

- 12 C.J.S., Building and Loan Associations, Savings and Loan Associations, and Credit Unions, § 75.

ALR.

- Bank's right of setoff, based on debit of one depositor, against funds in account standing in names of debtor and another, 68 A.L.R.3d 192.

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