Except as authorized by Code Section 7-1-224, the department shall, upon appointment of a substituted trustee or manager, file a full account with the appropriate court setting forth its administration of the trust or pooled assets and shall, upon the order of the court, transfer the trust or pooled assets to the substituted trustee or manager. Whenever the court shall determine that there is a deficiency in regard to the trust or pooled assets or that the financial institution is liable for a surcharge in connection therewith, the amount thereof shall constitute a claim against the financial institution. Such claim shall be filed in the manner of other claims with the principal court within 30 days of a final adjudication with respect to the amount thereof.
History. Code 1933, § 41A-906, enacted by Ga. L. 1974, p. 705, § 1.
Structure Georgia Code
Chapter 1 - Financial Institutions
Part 9 - Receivership Procedures Involving Trust or Pooled Assets
§ 7-1-220. Definitions and Applicability
§ 7-1-221. Status of Department in Relation to Trust and Pooled Assets
§ 7-1-222. Jurisdiction of Court Over Trust and Pooled Assets
§ 7-1-223. Substituted Trustee or Manager for Trust and Pooled Assets
§ 7-1-224. Transfers to Substituted Trustee or Manager Without Accounting
§ 7-1-225. Transfers to Substituted Trustee or Manager With Accounting; Deficiencies