Where funds are in the hands of a receiver pending a final disposition, the receiver may deposit the funds into a bank or trust company which is insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation, or successor entities. If the receiver fails to utilize such an insured bank or trust company, he shall be personally liable for any resulting loss.
History. Civil Code 1895, § 4909; Civil Code 1910, § 5484; Code 1933, § 55-310.
History of Code section.
The language of this Code section is derived in part from the decision in Ricks v. Broyles, 78 Ga. 610 , 3 S.E. 772 (1887).
Structure Georgia Code
§ 9-8-1. Appointment of Receiver — Grounds Generally
§ 9-8-2. Appointment of Receiver — to Protect Trust or Joint Property
§ 9-8-3. Appointment of Receiver — to Hold Assets Liable for Debt; Appointment Without Notice; Terms
§ 9-8-4. Caution to Be Exercised in Appointing Receiver
§ 9-8-5. Intervention of Persons Asserting Equitable Remedies
§ 9-8-6. Lienholders Made Parties; Divestment by Receiver’s Sale
§ 9-8-7. Investment of Funds in Receivership
§ 9-8-8. Receiver an Officer of Court; Subject to Court’s Orders or Removal
§ 9-8-9. To Which Court Receivers of Corporations Amenable
§ 9-8-11. Liability of Receiver Where Bank Fails
§ 9-8-12. Garnishment Not Available Against Receiver
§ 9-8-13. Award of Attorneys’ and Receivers’ Fees; How Determined
§ 9-8-14. Expenses of Giving Bond Allowable as Cost of Administration