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Current as of March 28, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Georgia Code Title 7. Banking and Finance § 7-1-289 - last updated March 28, 2024 | https://codes.findlaw.com/ga/title-7-banking-and-finance/ga-code-sect-7-1-289/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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