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 > § 7-1-224 - Transfers to substituted trustee or manager without accounting

§ 7-1-224 - Transfers to substituted trustee or manager without accounting

O.C.G.A. 7-1-224 (2010)
7-1-224. Transfers to substituted trustee or manager without accounting


In the event that the department and a substituted trustee or manager agree as to the identity and amount of the trust or pooled assets to be paid to the substituted trustee or manager and the substituted trustee or manager waives in writing the right to an accounting, then the department may transfer the trust or pooled assets to the substituted trustee or manager and will thereupon (together with the financial institution) be discharged from all liability or responsibility in connection with the trust or pooled assets.