Georgia § 29-5-40 Bond requirement; exception to requirement; recording

Georgia Statutes

§ 29-5-40 — Bond requirement; exception to requirement; recording

(a)A conservator appointed by the court, including a conservator appointed in a final order accepting the transfer of a conservatorship proceeding from another state issued under subsection (e) of Code Section 29-11-21 , shall give bond with good and sufficient security.

(b)A financial institution, trust company, national or state bank, savings bank, or savings and loan association described in Code Section 7-1-242 that seeks to qualify as a conservator is not required to give bond for the faithful performance of its duties unless its combined capital, surplus, and undivided profits are less than $3 million as reflected in its last statements signed by the Comptroller of the Currency of the United States or the commissioner of banking and finance.

(c)The clerk of the court shall record

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(a) A conservator appointed by the court, including a conservator appointed in a final order accepting the transfer of a conservatorship proceeding from another state issued under subsection (e) of Code Section 29-11-21 , shall give bond with good and sufficient security. (b) A financial institution, trust company, national or state bank, savings bank, or savings and loan association described in Code Section 7-1-242 that seeks to qualify as a conservator is not required to give bond for the faithful performance of its duties unless its combined capital, surplus, and undivided profits are less than $3 million as reflected in its last statements signed by the Comptroller of the Currency of the United States or the commissioner of banking and finance. (c) The clerk of the court shall record bonds in books kept for that purpose and shall retain custody of the bonds.

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