§ 7-1-204. Liquidation of Excess Assets by Trustees
If any unliquidated assets remain in the department’s possession after the filing and confirmation of its final account, the payment in full of the claims of all depositors, creditors, and other claimants which have been approved by the court and the distribution to shareholders of any cash balance remaining thereafter, it shall call a meeting […]
§ 7-1-239. Definitions; Payment of Large Deposits of Deceased Intestate Depositors; Affidavit for Disbursement; Form for Affidavit
As used in this Code section, the term: “Affidavit of the provider” means the form provided for in subsection (e) of this Code section. “Financial institution” means any federally chartered financial institution or state chartered financial institution, including, but not limited to, those chartered by states other than the State of Georgia whose deposits are […]
§ 7-1-205. Destruction of Records
The department is authorized to destroy all records of the financial institution of which it was in possession as receiver and all records of such receivership at the expiration of six years from the date of the absolute confirmation of its final account, except where any provision of this chapter expressly provides a different method […]
§ 7-1-239.1. Payment of Checks or Instruments Payable to Deceased Intestate Persons; Affidavit Included With Application for Payment
Whenever any person dies intestate having possession of or a right to possession of a check or other instrument payable to such deceased person and the amount of the check or instrument does not exceed $15,000.00, the financial institution on which the check or instrument is drawn shall be authorized to accept and redeem the […]
§ 7-1-220. Definitions and Applicability
As used in this part, the term: “Pooled assets” means mortgages, securities, or other assets comprising any mortgage or securities pool operated by such financial institution (whether said assets are held in the name of the institution or a nominee therefor) or with respect to which undivided interests have been created, regardless of whether or […]
§ 7-1-239.6. Convenience Fees
A financial institution or mortgage lender, as such term is defined by Code Section 7-1-1000, may charge a convenience fee provided that such fee is permissible in accordance with Code Section 13-1-15. For purposes of this Code section, the term “convenience fee” means any additional amount imposed to a consumer at the time of a […]
§ 7-1-221. Status of Department in Relation to Trust and Pooled Assets
Upon taking possession of a financial institution, the department shall hold trust and pooled assets separate from the assets of the financial institution itself. Trust and pooled assets shall not be available for distribution to depositors, other creditors, or shareholders. The department as receiver shall have all rights, powers, and duties of the financial institution […]
§ 7-1-222. Jurisdiction of Court Over Trust and Pooled Assets
The principal court shall have exclusive jurisdiction over all matters concerning trust and pooled assets during the period that such assets are held by the department as receiver. History. Code 1933, § 41A-903, enacted by Ga. L. 1974, p. 705, § 1.
§ 7-1-223. Substituted Trustee or Manager for Trust and Pooled Assets
Upon determining to liquidate a financial institution or if it otherwise deems it advisable, the department shall: With leave of court, transfer all of the trust assets or all of the pooled assets or all of both types of assets to another financial institution which shall assume the responsibilities of the institution in receivership in […]
§ 7-1-224. Transfers to Substituted Trustee or Manager Without Accounting
In the event that the department and a substituted trustee or manager agree as to the identity and amount of the trust or pooled assets to be paid to the substituted trustee or manager and the substituted trustee or manager waives in writing the right to an accounting, then the department may transfer the trust […]