One Click Case Law for § 7-1-152
O.C.G.A. § 7-1-151 <-- --> O.C.G.A. §7-1-153

2010 Georgia Code

TITLE 7 - BANKING AND FINANCE

CHAPTER 1 - FINANCIAL INSTITUTIONS
ARTICLE 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY
PART 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY
§ 7-1-152 - General assignment prohibited; taking of possession upon request

O.C.G.A. 7-1-152 (2010)
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.