GA Code § 7-1-280 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 2 - Banks and Trust Companies|Part 3 - Powers of Banks|§ 7-1-280. Major Banking Powers

 Subject to restrictions contained in this chapter or in its articles, a bank shall have the power:    To receive money or commercial paper for deposit and to provide by its rules or by agreement for the terms of withdrawal and interest thereon;   To act as an agent to collect checks, drafts, and other items of commercial paper and in exercising this power to become a member of a clearing-house and grant security interests in its assets for its qualification therein;   To lend money and discount or purchase evidence of indebtedness and agreements for the payment of money and to take security title or security interests in real or personal property to secure obligations owing thereunder;   To service loans made by it or by others whether or not held by the bank;   To issue, advise, and confirm letters of credit authorizing the beneficiaries thereof to draw upon the bank or its correspondents;   To receive money for transmission;   To buy and sell exchange, coin, and bullion; and   To provide third-party payments services.    (Ga. L. 1919, p. 135, art. 17, § 1; Code 1933, § 13-1801; Code 1933, § 41A-1301, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1985, p. 258, § 4; Ga. L. 1986, p. 458, § 5.)   Cross references.   - Definition of "clearing-house" for purposes of the Uniform Commercial Code, § 11-4-104.    Definition of "collecting bank" for purposes of the Uniform Commercial Code, § 11-4-105.    For provisions of T. 11, the Uniform Commercial Code, pertaining to letters of credit generally, § 11-5-101 et seq.    Effect of laws relating to regulation of practice of law on power of banks to give advice to customers in matters incidental to banks or banking, § 15-19-52.   JUDICIAL DECISIONS    Operation of general insurance agency does not qualify as "incidental power" as it is not convenient or useful in connection with one of the bank's activities established pursuant to the exercise of the bank's express powers. The business of a general insurance agency encompasses selling various types of insurance to the general public. In operating such an agency, a bank would be engaged in an independent, profit-seeking venture unrelated to the bank's express powers. Independent Ins. Agents of Ga., Inc. v. Department of Banking & Fin., 248 Ga. 787, 285 S.E.2d 535 (1982).   RESEARCH REFERENCES   Am. Jur. 2d.   - 10 Am. Jur. 2d, Banks and Financial Institutions, § 595 et seq.   Damages for Brach of Contract to Lend Money, 41 POF2d 337.   C.J.S.   - 9 C.J.S., Banks and Banking, §§ 222, 223.   ALR.    - Liability of bank on letter of credit as affected by quality or condition of goods for purchase price of which it is issued, 39 A.L.R. 755.    Liability of collecting bank which accepts something other than cash, 61 A.L.R. 739; 89 A.L.R. 1336.    Misappropriation by agent or employee of bank of proceeds of loan made through him to third person as chargeable to bank or to borrower, 69 A.L.R. 804.    What amounts to a deposit within statute in relation to civil or criminal liability for accepting deposit when bank is unsafe or insolvent, 76 A.L.R. 1320.    Financial statement by borrower as basis of loan or extension of credit, 104 A.L.R. 921.    Dealings between bank or trust company and itself acting as executor, administrator, or trustee, 112 A.L.R. 780.    Power of bank to agree to repurchase real estate mortgage or other securities sold by it, 120 A.L.R. 485.    Noncompliance by bank with statutory provisions relating to loans or discounts as defense to recovery of loan or enforcement of its security, 125 A.L.R. 1512.   Power and capacity of bank to take devise or bequest, 8 A.L.R.2d 454.   Power of savings bank or similar institution to provide checking facilities or negotiable orders of withdrawal (NOW) to customers, 64 A.L.R.3d 1314.   Measure of damages for breach of contract to lend money, 4 A.L.R.4th 682.   Recovery by bank of money paid out to customer by mistake, 10 A.L.R.4th 524.   Bank's liability to real property purchaser for misrepresentation respecting purchaser's obtaining government guaranteed or subsidized loan, 37 A.L.R.4th 773.