Every operator of a sales establishment for the sale of livestock at auction shall maintain a custodial account in a national or state-chartered bank located in this state and within 100 miles of the sales establishment. Every such operator shall deposit in such account the gross proceeds received from the sale of livestock handled on a commissioned or agency basis, which account shall be designated “Custodial Account for Shippers’ Proceeds.” Other funds of the depositor shall not be commingled in such account with funds required to be deposited in this account.
History. Ga. L. 1966, p. 350, § 2; Ga. L. 1983, p. 1161, § 1; Ga. L. 1984, p. 22, § 4.
Structure Georgia Code