Georgia § 7-1-175 - Ability of department to reject executory contract or lease of financial institution in receivership.
Full text of Georgia Official Code of Georgia Annotated § 7-1-175 — Ability of department to reject executory contract or lease of financial institution in receivership., with citation guidance and answers to common questions.
§ 7-1-175. Ability of department to reject executory contract or lease of financial institution in receivership.
Within 180 days after the department takes possession of a financial institution, the department, as receiver, may at its election reject any executory contract to which the financial institution is party without further liability to the financial institution or the receiver or may reject any obligation of the financial institution as a lessee of real or personal property. The department's election to reject a lease creates no claim for rent other than rent accrued to the date of termination or for actual damages, if any, for such termination, not to exceed the equivalent of six months' payment. (Code 1981, § 7-1-175 , enacted by Ga. L. 1984, p. 949, § 3.)
Frequently Asked Questions About Georgia § 7-1-175
What does Official Code of Georgia Annotated § 7-1-175 cover?
Section 7-1-175 ("Ability of department to reject executory contract or lease of financial institution in receivership.") 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 § 7-1-175?
A common citation format is "Official Code of Georgia Annotated § 7-1-175" (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 § 7-1-175 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.