Georgia § 7-1-163 - Notice to holders of assets; power of court to order transfer.
Full text of Georgia Official Code of Georgia Annotated § 7-1-163 — Notice to holders of assets; power of court to order transfer., with citation guidance and answers to common questions.
§ 7-1-163. Notice to holders of assets; power of court to order transfer.
Upon becoming receiver, the department shall forthwith give notice in writing of such fact to all corporations and persons having custody or possession of any assets or other property of the financial institution in receivership or of any other property with respect to which such institution has a right to possession or custody for any purpose whatsoever. The principal court shall have the power, except in cases where a jury trial is requested, upon petition of the department, to order any corporation or person which has custody or possession of assets or other property to which such financial institution shall have the right of custody or possession, for any reason whatsoever, to transfer or convey such property to the department and to execute and deliver any instrument necessary to accomplish that purpose. Any person aggrieved by an order of the court may request a jury trial to determine the validity of his claim. (Ga. L. 1919, p. 135, art. 7, § 5; Ga. L. 1927, p. 195, § 2; Code 1933, § 13-805; Code 1933, § 41A-714, enacted by Ga. L. 1974, p. 705, § 1.)
Frequently Asked Questions About Georgia § 7-1-163
What does Official Code of Georgia Annotated § 7-1-163 cover?
Section 7-1-163 ("Notice to holders of assets; power of court to order transfer.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 7-1-163?
A common citation format is "Official Code of Georgia Annotated § 7-1-163" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 7-1-163 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.