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Can you summarize GACO 7-1-354?
Deposits, Safe-Deposit Agreements, and Money Received for Transmission > Money received for transmission.
Short Summary
This legal document governs the receipt of money for transmission by banks and trust companies. It requires banks and trust companies to provide customers with a receipt that includes the date and amount of money received. If the money is to be transmitted to a foreign country, the receipt should also include the amount in the currency of that country. In case of an action by a customer against a bank or trust company for recovery of money delivered for transmission, the burden of proof of delivery lies with the bank or trust company. However, an affidavit by an agent or correspondent of the bank or trust company stating that the money was delivered in accordance with the customer’s instructions serves as prima facie evidence of delivery. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Banks and trust companies
What does it govern?
Money received for transmission
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Georgia