§ 4-6-20. Short Title

This article may be cited as the “Custodial Account for Livestock Sellers Act.” History. Ga. L. 1966, p. 350, § 1; Ga. L. 1983, p. 1161, § 1.

§ 4-6-21. Maintenance of Custodial Accounts; Deposits; Commingling of Funds

Every operator of a sales establishment for the sale of livestock at auction shall maintain a custodial account in a national or state-chartered bank located in this state and within 100 miles of the sales establishment. Every such operator shall deposit in such account the gross proceeds received from the sale of livestock handled on […]

§ 4-6-22. Payments From Custodial Accounts

No check shall be drawn on the custodial account nor any funds withdrawn from the account, except for payment of proceeds due the livestock seller or for legally authorized fees or charges incurred by or owing to the sales establishment. No bank holding such an account shall pay a check on such account or honor […]

§ 4-6-23. Penalty for Failure to Deposit Proceeds of Sale in Custodial Account

Failure to deposit the proceeds received from the sale of livestock in a custodial account as required by Code Section 4-6-21, misuse of such funds, or payment by a bank of funds held in a custodial account without the certificate required by Code Section 4-6-22 shall constitute a misdemeanor. History. Ga. L. 1966, p. 350, […]