Georgia § 7-1-289 Security for deposits

Georgia Statutes

§ 7-1-289 — Security for deposits

(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.

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