To secure loans, savings and loan associations shall have a lien without further agreement or pledge upon all deposits with it by a borrower; and, upon default upon any loan, any such association may, without notice to or consent of the borrower, cancel on its books part or all of the amount outstanding to the credit of the borrower not exceeding his obligations to the association and apply such amount in payment of the obligations.
History. Ga. L. 1937-38, Ex. Sess., p. 307, § 11; Code 1933, § 41A-3511, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2016, p. 390, § 7-4/HB 811.
Structure Georgia Code
Chapter 1 - Financial Institutions
Article 7 - Building and Loan Associations and Savings and Loan Associations
§ 7-1-777. Principal and Branch Offices
§ 7-1-780. Lien on Deposits to Secure Loans
§ 7-1-781. Conversion Into Savings and Loan Association
§ 7-1-783. Previous Conversions Into Savings and Loan Associations Ratified
§ 7-1-787. Exemption From Securities Regulations
§ 7-1-790. Deposits of Fiduciaries
§ 7-1-791. Payment on Death of Depositor
§ 7-1-792. Deposits Applied to Funeral Expenses
§ 7-1-793. Investment of Funds in Insured Deposits
§ 7-1-794. Deposits as Security or in Lieu of Bond
§ 7-1-795. Savings Account Books and Certificates
§ 7-1-796. Insanity, Incompetency, Bankruptcy, or Death of Depositor