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Can you summarize GACO 7-1-289?
Powers of Banks > Security for deposits.
Short Summary
This legal document, as per the Georgia Code, governs the security for deposits by banks. It allows banks to pledge or grant security interests in their assets to secure deposits of various entities, including public funds, pension funds for employees of a public body, funds held by the department as a receiver, and funds required to be secured by law or court order. Banks can also secure their own fiduciary funds or the fiduciary funds of an affiliate. However, for deposits not listed in subsection (a), banks require specific written approval from the department to pledge or grant security interests. The document does not specify any penalties for non-compliance. Overall, this document outlines the conditions and permissions for banks to provide security for deposits.
Whom does it apply to?
Banks
What does it govern?
Security for deposits
What are exemptions?
Deposits listed in subsection (a) of this Code section
What are the Penalties?
Not specified
Jurisdiction
Georgia