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.
History. Code 1933, § 41A-715, enacted by Ga. L. 1974, p. 705, § 1.
Structure Georgia Code
Chapter 1 - Financial Institutions
Part 7 - Receivership Powers and Procedures Generally
§ 7-1-150. Taking of Possession by Department; Cumulative Remedies
§ 7-1-151. Status of Department as Receiver; Restrictions on Appointment
§ 7-1-152. General Assignment Prohibited; Taking of Possession Upon Request
§ 7-1-153. Posting of Notice of Taking Possession
§ 7-1-154. Certificate of Possession; Naming Deputy Receiver
§ 7-1-155. Injunction to Restrain Department
§ 7-1-156. Supervision of Department by Court
§ 7-1-157. General Powers of Department in Possession
§ 7-1-158. Appointment of Deputy Receivers, Counsel, and Other Assistants
§ 7-1-159. Suspension or Continuation of Business
§ 7-1-160. Determination to Liquidate; Filing of Supplemental Certificate
§ 7-1-161. Powers and Duties of Department Before and After Determination to Liquidate
§ 7-1-162. Inventory and Appraisement
§ 7-1-163. Notice to Holders of Assets; Power of Court to Order Transfer
§ 7-1-164. Power of Department to Borrow Money
§ 7-1-165. Surrender of Burdensome Assets
§ 7-1-166. Compromise of Claims; Extension of Mortgages or Notes
§ 7-1-167. Payment of Mortgages and Liens; Protection of Equities
§ 7-1-168. Sales of Real Property
§ 7-1-170. Sales or Exchanges of Securities; Sales of Liens or Personal Property
§ 7-1-171. Deposit of Moneys by Department
§ 7-1-172. Disposition of Property in Safe-Deposit Vault or Held for Safekeeping
§ 7-1-173. Bringing or Defending Actions
§ 7-1-176. Sale of Assets of Financial Institution in Receivership