Georgia § 7-1-221 Status of department in relation to trust and pooled assets

Georgia Statutes

§ 7-1-221 — Status of department in relation to trust and pooled assets

Georgia § 7-1-221

Title7

This text of Georgia § 7-1-221 (Status of department in relation to trust and pooled assets) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 7-1-221 (2026).

Text

(a)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.

(b)The department as receiver shall have all rights, powers, and duties of the financial institution in regard to trust and pooled assets, including title to the assets and the right to administer them.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) 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. (b) The department as receiver shall have all rights, powers, and duties of the financial institution in regard to trust and pooled assets, including title to the assets and the right to administer them.