Georgia § 7-1-289 Security for deposits

Georgia Statutes

§ 7-1-289 — Security for deposits

Georgia § 7-1-289

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This text of Georgia § 7-1-289 (Security for deposits) 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. § 7-1-289 (2026).

Text

(a)A bank may pledge or otherwise grant security interests in its assets to secure deposits of:

(1)Public funds;

(2)Funds of a pension fund for employees of a public body of the state;

(3)Funds for which a public body of the state or an officer or employee thereof or any court of law is the custodian or trustee pursuant to statute;

(4)Funds held by the department as receiver;

(5)Funds which are required to be secured by law or by an order of a court;

(6)Its own fiduciary funds or the fiduciary funds of an affiliate. In either case, the funds shall be deposited with the pledging institution and held in its commercial department; and (7) Public funds deposited in another bank.

(b)Except for the deposits listed in subsection (a) of this Code section, a bank may not pledge or otherwise

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(a) A bank may pledge or otherwise grant security interests in its assets to secure deposits of: (1) Public funds; (2) Funds of a pension fund for employees of a public body of the state; (3) Funds for which a public body of the state or an officer or employee thereof or any court of law is the custodian or trustee pursuant to statute; (4) Funds held by the department as receiver; (5) Funds which are required to be secured by law or by an order of a court; (6) Its own fiduciary funds or the fiduciary funds of an affiliate. In either case, the funds shall be deposited with the pledging institution and held in its commercial department; and (7) Public funds deposited in another bank. (b) Except for the deposits listed in subsection (a) of this Code section, a bank may not pledge or otherwise grant security interests in its assets as security for deposits unless otherwise specifically approved in writing by the department.