Statutes > Georgia Statutes > TITLE 7 - BANKING AND FINANCE > CHAPTER 1 - FINANCIAL INSTITUTIONS > ARTICLE 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY > PART 9 - RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS > § 7-1-221 - Status of department in relation to trust and pooled assets

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

O.C.G.A. 7-1-221 (2010)
7-1-221. Status of department in relation to trust and pooled assets


(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.