reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 6 - NAMES, REGISTERED OFFICES, AND ADVERTISING (§§ 7-1-130 — 7-1-134) › Section 7-1-134 - Unfair competition, unfair trade practice, and trade name and trademark laws unaffected

Nothing in this chapter shall abrogate or limit the law as to unfair competition or unfair trade practice nor derogate from the common law or principles of equity or the statutes of this state or of the United States with respect to the right to acquire and protect trade names and trademarks.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-150 - Taking of possession by department; cumulative remedies

(a)
The department may in its discretion take possession of the business and property of any financial institution whenever such financial institution:
(1)
Is insolvent or in an unsafe or unsound condition to transact its business;
(2)
Has generally suspended payment of its obligations, without authority of law;
(3)
Has violated any court order, statute, rule, or regulation or its articles and the department determines that its continued control of its own affairs threatens injury to the public, the financial community, or its depositors and other creditors; or
(4)
Requests the department, by its board of directors, to take possession for the benefit of depositors, other creditors, and shareholders.
(b)
The right of the department to take possession of a financial institution shall be in addition to and cumulative with all other rights, remedies, and powers of the department. The department may, in its discretion, before or after taking possession, petition the principal court for appointment of a receiver pursuant to subsection (c) of Code Section
7-1-151
.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-151 - Status of department as receiver; restrictions on appointment

(a)
Upon taking possession of a financial institution, the department shall automatically become the receiver of said institution with all rights, powers, and duties conferred by this chapter and, to the extent not in conflict with this chapter, all rights, powers, and duties of a receiver appointed pursuant to Chapters 5 and 8 of Title 9, relating to injunctions and receivers.
(b)
Except as provided in subsection (c) of this Code section, no court shall appoint anyone but the department as receiver of a financial institution. Whenever any court, at the instance of the department, a depositor, a shareholder, or other person entitled by law to institute such proceedings, shall determine that a receiver should be appointed, for any reason whatsoever, it shall appoint the department as such receiver. When thus appointed receiver by a court, the department shall serve in the same manner and with the same limitations and shall have the same rights, powers, and duties as when it becomes receiver by operation of law and without appointment by any court. No court shall impose upon the department as receiver any duties or restrictions in conflict with this chapter.
(c)
In any proceeding for the appointment of a receiver of an institution whose deposits or shares are insured by a public body of the United States, the court may upon the recommendation of the department (whether or not the department is a party) appoint said public body or its administrator as receiver. If said public body or its administrator accepts the appointment, it or he or she shall have all the rights, powers, and duties of the department as receiver under this chapter and all the rights, powers, and duties as conferred by other applicable law. The public body or its administrator may act as receiver without bond.
Amended by 2005 Ga. Laws 160,§ 6, eff. 5/5/2005.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-152 - General assignment prohibited; taking of possession upon request

No financial institution shall make a general assignment of its business and property for the benefit of its creditors by the appointment of an assignee or a trustee or otherwise. In lieu of the power to make an assignment for the benefit of creditors, a financial institution may request the department to take possession as provided in this part. In such cases, the department shall take possession and become receiver in the same manner and subject to the same provisions of this chapter as when it takes possession of the business and property of a financial institution without the request of such financial institution.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-153 - Posting of notice of taking possession

The department, upon taking possession of the business and property of a financial institution as receiver, shall post notice of such fact on the front door of all offices of the institution open to the public for the transaction of business in person.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-154 - Certificate of possession; naming deputy receiver

The department shall immediately after taking possession file with the principal court a certificate to be known as the certificate of possession, setting forth the facts on the basis of which it has taken possession. The certificate shall state the name of the deputy receiver, if any, whom the department, pursuant to this chapter, appoints to take charge of the affairs of the financial institution, together with the duties of such deputy receiver. If the department does not appoint a deputy receiver prior to the date of the filing of the certificate of possession or if it appoints a new deputy receiver or an additional one or if it adds to the duties of the deputy receiver, it shall file a supplement to the certificate of possession setting forth such acts. The certificate of possession and any supplement thereto shall be listed in the judgment index in the name of the financial institution as defendant and of the department as plaintiff.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-155 - Injunction to restrain department

Any financial institution of whose business or property the department has taken possession as receiver may, at any time within ten days after the department has become receiver, apply to the principal court for an order requiring the department to show cause why it should not be enjoined from continuing as receiver. Service may be made in such action by serving the commissioner personally or by leaving a copy with the deputy in charge of his or her office in the department or by serving the deputy receiver appointed by the department to manage the affairs of such financial institution. The court shall, after a hearing upon the merits, either dismiss the application or order the department to surrender to the financial institution possession of its business and property; but no such injunction shall issue where the department has been appointed receiver by action of a court of competent jurisdiction or by action of the financial institution itself, in accordance with this chapter. Such application for injunction may in the discretion of the court be heard at any time after service as provided in this Code section, with the right by either party to appeal, as in other cases of applications for temporary injunction.
Amended by 2016 Ga. Laws 626,§ 3-3, eff. 1/1/2017.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-156 - Supervision of department by court

(a)
Except as otherwise provided in this chapter, the department, when it has taken possession of a financial institution, shall be responsible to the principal court and not to any other court. All actions against the department or any official of it involving a financial institution which is or has been in the department's possession shall be brought in the principal court.
(b)
The principal court shall sit as a court of equity. It shall have the power, upon petition of the department, to make and enforce any appropriate order to enable the department, with the utmost dispatch, to discharge its duties in connection with the business and property of any financial institution of which it has taken possession.
(c)
The court shall grant to any party against whom an order is sought the right to appear, within ten days after notice is given, to show cause why the order should not be made. The court shall have the power, at the end of the ten-day period, ex parte if the other party does not appear to show cause, or upon the merits if the party does appear, to issue the aforementioned order.
(d)
Whenever this chapter empowers the department as receiver to take any action with the leave of court, the department shall give the financial institution and its creditors, depositors, and shareholders ten days' notice of its proposed action before seeking the approval of the court, provided that the court may, upon cause shown, shorten the time or dispense with such notice or direct that it be sent to only specified parties. In determining what, if any, notice shall be provided, the court may consider, among other factors, the necessity for immediate action in the interest of the financial institution as a whole and whether the interests of potential addressees are actually at stake. Where parties object to the proposed action of the department, the court shall allow them an opportunity to present their views appropriate to the nature of the case.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-157 - General powers of department in possession

(a)
The department in possession shall be vested with all the rights, powers, and duties of such financial institution; with the title or the right to possession of all property to which the financial institution has title or the right to possession, including debts due, and liens and other security therefor; and with the financial institution's rights of action or redemption. This shall be so whether such property and debts due, such liens or other security therefor, or such rights of action or redemption are held in the name of such financial institution or in the name of some other corporation or person.
(b)
The department shall be the representative of the creditors of the financial institution and shall be entitled, as such, to have vacated and set aside, for the benefit of the creditors, any judgment, execution, attachment, sequestration, payment, security interest, assignment, transfer, conveyance, or encumbrance which could have been avoided by any of the creditors or by which one creditor is given a preference over another. As used in this subsection, the term "preference" means all transfers of the assets of a financial institution made or suffered, either after or in contemplation of insolvency, for the purpose of allowing a creditor to gain more than his ratable share of the assets of the institution as determined by Code Section
7-1-202
.
(c)
The department is authorized to collect all moneys due to the financial institution and to do such other acts as are necessary to conserve its assets and business. In exercising its power as receiver, the department shall give first consideration to the interests of depositors and other creditors as a whole and shall give consideration to the interests of shareholders and other owners only when depositors and other creditors have received or are assured of full payment of their claims.
(d)
The department as receiver shall have the power to execute in its name or in the name of the financial institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver. Any instrument executed in the name of the institution pursuant to the authority given by this subsection shall be valid and effectual for all purposes as though executed by proper officers of the institution by authority of its board of directors or other governing body.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-158 - Appointment of deputy receivers, counsel, and other assistants

The department may appoint one or more official agents, to be known as deputy receivers, to assist it in the management, reorganization, consolidation, liquidation, or distribution of the assets and affairs of any financial institution of which it has taken possession as receiver. The department may delegate to each deputy receiver any duty imposed upon or any right or power granted to it as receiver. The department may also employ such other assistants as it deems necessary, including such assistant attorneys general or other attorneys as may be appointed by the Attorney General or independently retained by the department in connection with the receivership. The department may also retain, to assist it in the management, reorganization, consolidation, liquidation, or distribution, any officer or other employee of the financial institution of which it has taken possession.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-159 - Suspension or continuation of business

The department is authorized, upon taking possession of the business and property of a financial institution as receiver, to continue or to suspend the business for such period as it may deem necessary to enable it to determine whether to surrender such possession to the financial institution, to authorize a merger or consolidation, to liquidate the affairs of such financial institution, or to take such other action as is authorized by law.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-160 - Determination to liquidate; filing of supplemental certificate

The department shall, within six months after the date on which it takes possession of any financial institution as receiver, determine whether or not to liquidate the business and property and distribute the assets of the financial institution. If it shall determine to liquidate, it shall forthwith file with the principal court a supplement to the certificate of possession, setting forth this determination. The department shall then proceed to liquidate the affairs of the financial institution with as much dispatch as shall appear to be expedient under the circumstances.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-161 - Powers and duties of department before and after determination to liquidate

Except where otherwise specifically provided, all powers and duties granted by this chapter to the department in possession of the business and property of a financial institution as receiver may be exercised by it both before and after its formal determination, pursuant to this chapter, to liquidate the affairs of such financial institution.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-162 - Inventory and appraisement

(a)
When the department has taken possession of the business and property of a financial institution as receiver, it shall forthwith prepare a complete and detailed inventory of the assets of such financial institution. The inventory shall be verified by oath or affirmation of the commissioner or other person making it.
(b)
As soon as expedient after taking possession, the department shall cause a complete appraisement of the assets of the financial institution to be made, in duplicate, under oath or affirmation, by not less than two nor more than three disinterested appraisers selected by it. Such appraisement shall be included upon the same document or documents as the inventory. The value of the assets shall be computed in the appraisement as of the date on which the department took possession.
(c)
The original and duplicate of the inventory and appraisement shall be filed in the office of the commissioner. However, if the commissioner shall determine, in accordance with this chapter, to liquidate the affairs of the financial institution, he shall immediately, after the determination to liquidate, file the duplicate inventory and appraisement with the principal court.
(d)
When the department takes possession of business and property of a financial institution which in the two immediately preceding reports of condition filed in accordance with subsection (a) of Code Section
7-1-68
reported assets of less than $150,000.00, the department shall not be required to secure an appraisement of the assets of the financial institution under subsection (b) of this Code section or to file an appraisement of the assets with a determination to liquidate under subsection (c) of this Code section, unless the principal court, upon application by a shareholder or creditor, shall otherwise order.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-163 - Notice to holders of assets; power of court to order transfer

(a)
Upon becoming receiver, the department shall forthwith give notice in writing of such fact to all corporations and persons having custody or possession of any assets or other property of the financial institution in receivership or of any other property with respect to which such institution has a right to possession or custody for any purpose whatsoever.
(b)
The principal court shall have the power, except in cases where a jury trial is requested, upon petition of the department, to order any corporation or person which has custody or possession of assets or other property to which such financial institution shall have the right of custody or possession, for any reason whatsoever, to transfer or convey such property to the department and to execute and deliver any instrument necessary to accomplish that purpose.
(c)
Any person aggrieved by an order of the court may request a jury trial to determine the validity of his claim.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-164 - Power of department to borrow money

The department may, without leave of court, borrow money from any federal or state public body or from any person or corporation and grant as security therefor any real or personal property of the financial institution for the purpose of facilitating the liquidation, reorganization, or rehabilitation of the financial institution. The repayment of money borrowed under this Code section and interest thereon shall be considered an expense of administration under Code Sections
7-1-197
and
7-1-202
.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-165 - Surrender of burdensome assets

The department may, with leave of court, surrender to the financial institution real or personal property which it finds to be burdensome and of no advantage to the depositors or other creditors of the institution. It may likewise, with leave of court, convey title to any holder of a mortgage, security deed, security interest, or a lien against property in its possession, where it shall appear that to continue to hold such property is burdensome and of no advantage to the financial institution, its depositors, or other creditors.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-166 - Compromise of claims; extension of mortgages or notes

(a)
The department may, with leave of court, compound or compromise any debt, claim, or judgment due to the financial institution in receivership and discontinue any action or other proceeding pending therefor.
(b)
The department may, without leave of court, enter into an agreement in writing upon such terms as shall seem reasonable to it to extend, for a period not to exceed three years, the maturity of any mortgage or security deed obligation in its possession. However, the department shall not enter into any agreement extending any such obligation which shall have been pledged by the financial institution of which it is in possession as receiver unless it shall first obtain the written consent of the pledgee of such mortgage to such extension. The department may likewise renew or extend, for limited periods, other notes and drafts held by the financial institution.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-167 - Payment of mortgages and liens; protection of equities

The department may, with leave of court, pay off all mortgages, security deeds, security agreements, and liens of or upon any real or personal property which belong to the financial institution. It may, without leave of court, purchase, at a judicial sale or at any sale authorized by an order of a court of competent jurisdiction, any real or personal property in order to protect any equity which the financial institution has in such real or personal property.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-168 - Sales of real property

The department may, with leave of and upon the terms and conditions prescribed by the court, sell any real property of the financial institution of which it is in possession as receiver. The order of the court authorizing such sale shall state whether the sale shall be entirely for cash or partly for cash and partly for evidences of indebtedness and whether it shall be public or private. Each such sale of real property shall be confirmed by the court if all the terms and conditions of its order authorizing such sale have been complied with. If the real property is located in this state but in a county other than the county of the principal court, the department shall file a certified copy of all orders relating to the property in the office of the clerk of the superior court of the county where the real property is located.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-169 - Leases of property

The department may, without leave of court, enter into leases for a period not to exceed one year of real or personal property belonging to the financial institution in receivership. It may, with leave of court, enter into such leases for a period not to exceed ten years, upon the terms and under the conditions prescribed by the order of the court.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-170 - Sales or exchanges of securities; sales of liens or personal property

(a)
The department may, without leave of court, sell on any stock exchange or otherwise, at such times and in such manner as it may deem advisable, listed or unlisted securities which belong to the financial institution in receivership.
(b)
The department may, without leave of court, exchange listed or unlisted securities for other securities of the corporation issuing the securities or of a corporation which has merged or consolidated with or has taken over such corporation.
(c)
The department may, without leave of court, sell any mortgage or other lien upon real property or any judgment, at such times and in such manner as it shall deem to be advisable.
(d)
Except as otherwise specifically provided by this chapter, the department may, without leave of court, sell:
(1)
At public sale; or
(2)
At private sale, for a net consideration not below the amount at which such personal property has been valued in the appraisement required by this chapter,
any personal property which belongs to the financial institution in receivership or which such financial institution has the power to sell. It may, with leave of court, sell such personal property at private sale upon such terms and under such conditions as the court shall prescribe to be commercially reasonable.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-171 - Deposit of moneys by department

All moneys received by the department as receiver of a financial institution except those moneys necessary to administer the liquidation shall be deposited by it in interest-bearing accounts with one or more institutions authorized by law to receive deposits and subject to the supervision of either federal or state regulatory authorities. It shall require of such depository security therefor, in such amount and of such nature as the department shall deem adequate.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-172 - Disposition of property in safe-deposit vault or held for safekeeping

(a)
The department may, any time after taking possession of a financial institution as receiver, give written notice to anyone claiming or appearing on the books of such financial institution to be the owner or to be entitled to the possession of any personal property left with such financial institution as bailee for safekeeping or depository for hire and to anyone appearing on the books of the financial institution to be the lessee of any safe, vault, or safe-deposit box, notifying such bailor, depositor, or lessee, respectively, to remove all such personal property within the period fixed by the notice, provided that such period shall in no case be less than 60 days after the date of the notice.
(b)
At the expiration of such period, if the lessee of a safe, vault, or safe-deposit box has not removed the contents thereof, the department may open such safe, vault, or safe-deposit box in the presence of a notary public not an officer or employee of the financial institution or of the department. The contents, if any, of such safe, vault, or safe-deposit box shall then be sealed and marked by such notary with the name and address of the lessee in whose name such safe, vault, or safe-deposit box appeared on the books of the financial institution and with a list and description of the property therein. The department shall hold such property until it is delivered to the owner or those claiming through him or is disposed of under Article 5 of Chapter 12 of Title 44 and, while holding such property may take such action as it deems appropriate to protect the interest of the owner therein, including reducing the property to cash.
(c)
The department shall follow the same procedure and have the same powers with regard to the property left with the financial institution as bailee for safekeeping or depository for hire and not called for within the period specified by the notice.
(d)
The contract of bailment, deposit, or lease, if any, shall be considered at an end upon the date designated by the commissioner for the removal of the property therein. The amount of unearned rent or charges, if any, paid by the bailor, depositor, or lessee, shall become a debt of the financial institution.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-173 - Bringing or defending actions

(a)
For the purpose of executing any of the powers and performing any of the duties respectively conferred or imposed upon it, as receiver, by this chapter, the department may, in its name as receiver of such financial institution, prosecute any action at law or in equity in any court of this state or of any other state or in any federal court, whether or not such action is pending on behalf of the financial institution at the time it takes possession. It may likewise defend any action at law or in equity pending against the financial institution at the time it takes possession. The department may, in its name as receiver of a corporation, institute and maintain any action which any director, officer, or such corporation or any shareholder or creditor thereof could have instituted or maintained.
(b)
Notwithstanding the provisions of other laws to the contrary, the statute of limitations on all causes of action which may accrue to any financial institution over whose affairs the department is receiver shall be extended for a period of six months.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-174 - Surrender of possession by department prior to final liquidation; special liquidations and reorganizations

(a)
The department may, upon conditions approved by it, surrender possession of a financial institution in receivership at any time prior to final liquidation and distribution under the following circumstances:
(1)
It may surrender possession to the financial institution itself when it finds the institution to be in a safe and sound condition to resume its business; or
(2)
It may surrender to the financial institution itself or to any other corporation or person possession of all or part of the business, property, moneys, credits, or other assets of the financial institution in receivership, to permit to be carried into effect a special plan of liquidation, reorganization, or rehabilitation under the requirements of this Code section.
(b)
Before the department may surrender possession of any of the assets of a financial institution pursuant to a special plan of liquidation, such plan shall have been approved by the principal court and a majority of creditors (including depositors) of the institution, both as to number of creditors and as to the amount of claims.
(c)
Before the department may surrender possession of any of the assets of a financial institution pursuant to a special plan of reorganization or rehabilitation, such plan shall have the same approvals as required under subsection (b) of this Code section and, in addition, shall be approved by the affirmative vote of the holders of a majority of shares entitled to vote thereon.
(d)
Whenever the department shall surrender possession under this Code section, it shall forthwith file with the principal court a supplement to the certificate of possession, setting forth in detail all the conditions and purposes of such surrender. This supplement shall be indexed in a manner which will, insofar as necessary, satisfy the prior record of the certificate of possession.
(e)
Whenever the department shall, under this Code section, surrender possession of the entire business and property of a financial institution in receivership, it shall file in the principal court an account, which shall correspond to any other final account under this chapter. Such account shall be subject to exceptions by shareholders, or depositors, or other creditors, and to confirmation by the court, in the same manner as is provided by this chapter for any account filed by the department as receiver.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-175 - Ability of department to reject executory contract or lease of financial institution in receivership

Within 180 days after the department takes possession of a financial institution, the department, as receiver, may at its election reject any executory contract to which the financial institution is party without further liability to the financial institution or the receiver or may reject any obligation of the financial institution as a lessee of real or personal property. The department's election to reject a lease creates no claim for rent other than rent accrued to the date of termination or for actual damages, if any, for such termination, not to exceed the equivalent of six months' payment.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY (§§ 7-1-150 — 7-1-176) › Section 7-1-176 - Sale of assets of financial institution in receivership

(a)
Whenever the department as receiver, with leave of court as provided in Code Section
7-1-156
, undertakes to sell all or part of the assets of a financial institution in its possession in consideration of the assumption by the purchaser of the liabilities due to depositors and other creditors other than the holders of subordinated securities, the department shall be under no further obligation to file any inventory, appraisement, partial accounting, or deliver any notice to creditors other than holders of subordinated securities until the filing of the final accounting unless otherwise directed by the court.
(b)
Notwithstanding any other law to the contrary, in facilitation of a purchase of assets and assumption of liabilities as described in subsection (a) of this Code section, all or any part of the assets may be sold to the deposit insurer for the financial institution in liquidation notwithstanding such insurer's capacity as receiver or deputy receiver of the financial institution. Such insurer as receiver or deputy receiver may also borrow from itself in its corporate capacity any amounts necessary to facilitate the assumption of deposit liabilities by an existing financial institution or a newly chartered financial institution, assigning any part or all of the assets of the closed bank as security for such loan.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-190 - Preservation of assets; proceedings in lieu of attachment, execution, or repossession

(a)
The status of all parties shall become fixed on the date the department takes possession of a financial institution. No corporation or person shall thereafter acquire any lien or charge against the financial institution for so long as it remains in receivership, provided that nothing in this Code section or elsewhere in this chapter shall be construed to impair any preferred claim arising pursuant to Code Section
11-4-214
.
(b)
No execution, attachment, or repossession (whether by action or otherwise) shall issue or be proceeded with against any assets owned by or in the custody or possession of a financial institution in receivership. In lieu of the right to issue an attachment or execution against assets of or lawfully in the possession or custody of the financial institution, a plaintiff may proceed by giving written notice of his claim to the department or to the deputy receiver of such financial institution; and he shall thereafter prove his claim in the regular manner prescribed by this chapter. If, in filing its account, the department rejects the claimed right to execution or attachment, the court shall adjudicate the matter as in the case of other disputed claims.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-191 - Exclusivity of claims procedure; effect of receivership on pending actions

All claims against the financial institution, action upon which has not been commenced prior to the time the department took possession, shall be presented in the regular manner provided by this chapter for the presentation of claims. Neither a depositor or other creditor of the financial institution nor any other claimant may maintain any action at law or in equity upon such claim, except by regular method provided by this chapter for exceptions to the accounting of the department as receiver. However, an action for the return of specific property or property with respect to which the plaintiff holds a perfected security interest or security title which could have been recovered by the plaintiff from the financial institution in receivership may be maintained in the principal court against the department in its name as receiver of the financial institution. All actions pending against the financial institution when the department takes possession shall be automatically stayed during the receivership, provided that all such actions, except those specified in subsection (b) of Code Section
7-1-190
, may proceed with prior approval of the principal court.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-193 - Proof of claims of depositors

(a)
Any depositor who disagrees with the amount shown by the books or other records of the financial institution to be due to him shall prove his claim by presenting his bank statement or passbook or other documentary indication of indebtedness to the department within the time and in the manner designated by the department pursuant to this chapter. Any such depositor who shall not have received or shall have lost his bank statement or passbook or other documentary evidence or who shall believe that the amount shown to be due him by such bank statement or passbook or other documentary evidence is incorrect shall, within the time designated by the department, present his claim to the department by whatever method, including affidavits, the department shall designate.
(b)
Any depositor who shall not present his claim within the designated time and in the manner provided by this Code section shall be bound by the amount appearing to be due to him upon the books or records of the financial institution or, where the name of such depositor does not appear at all upon the books or records of the financial institution or appears on such books or records but with no balance appearing to be due to him by the financial institution, shall be permanently barred from sharing in any distribution of the assets of the financial institution. However, the principal court may, upon petition and adequate cause shown, permit any depositor to file his claim at a later date, but no claim shall in any event be allowed to be filed after the last day for the filing of exceptions to the first account of the department.
(c)
This Code section shall not, however, be construed to deprive any depositor of any right of action at law or in equity which he may have against an officer or employee or former officer or employee of the financial institution or upon the bond of such officer or employee or former officer or employee for any act committed by such officer or employee which resulted in such depositor's name not appearing upon the books of the financial institution or appearing upon them but being credited with an amount below that actually due.
(d)
The department shall prescribe the form for the proof of claim of all depositors and for an affidavit as to the truth of statements therein to be included with the claim. Whenever requested by any such depositor to prepare such proof of claim or to take the affidavit thereto, the department may do so without any charge to such depositor if the department concludes that it would be burdensome or difficult for the depositor to prepare the proof.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-194 - Proof of claims of creditors

Creditors other than depositors shall not share in any distribution of the assets of the financial institution unless the creditor or his designated representative shall, within the time and in the manner specified by the department pursuant to this chapter, present to the department a statement of his claim, together with a copy of any book entries pertaining thereto, any evidence of indebtedness or other instrument received as evidence thereof, the details with respect to any collateral or agreement of pledge received in connection therewith, and a description of any insurance pertaining thereto. The department shall prescribe the form for the proof of claim of creditors and for affidavit as to the truth of statements therein to be included with the claim. However, the court may, upon petition and adequate cause shown, permit any creditor to file his claim upon a later date, but no claim shall in any event be allowed to be filed after the last day for the filing of exceptions to the first account of the department.