The department may, with leave of court, surrender to the financial institution real or personal property which it finds to be burdensome and of no advantage to the depositors or other creditors of the institution. It may likewise, with leave of court, convey title to any holder of a mortgage, security deed, security interest, or a lien against property in its possession, where it shall appear that to continue to hold such property is burdensome and of no advantage to the financial institution, its depositors, or other creditors.
History. Code 1933, § 41A-716, 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