O.C.G.A. § 9-8-11 (2019)
Liability of receiver where bank fails
Where funds are in the hands of a receiver pending a final disposition, the receiver may deposit the funds into a bank or trust company which is insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation, or successor entities. If the receiver fails to utilize such an insured bank or trust company, he shall be personally liable for any resulting loss.
History
Civil Code 1895, § 4909; Civil Code 1910, § 5484; Code 1933, § 55-310. History of Section. The language of this Code section is
derived in part from the decision in Ricks v. Broyles, 78 Ga. 610, 3 S.E. 772 (1887).
Annotations
JUDICIAL DECISIONS Same principles apply to receiver appointed by court as apply to county treasurer or other official as to depositing money in banks. Phillips v. Lamar, 27 Ga. 228, 1859 Ga. LEXIS 43 (1859);
Ricks v. Broyles, 78 Ga. 610, 3 S.E. 772, 1887 Ga. LEXIS 38 (1887); Armstrong v. Walton, 147 Ga. 781, 95 S.E. 714, 1918 Ga. LEXIS 144 (1918).
RESEARCH REFERENCES Am. Jur. 2d. 66 Am. Jur. 2d, Receivers, § 180 et seq. C.J.S. 75 C.J.S., Receivers, § 190 et seq.
ALR. Receiver’s personal liability for negligence in failing to care for or maintain property in receivership, 20 A.L.R.3d 967.