Georgia § 7-1-220 - Definitions and applicability.
Full text of Georgia Official Code of Georgia Annotated § 7-1-220 — Definitions and applicability., with citation guidance and answers to common questions.
§ 7-1-220. Definitions and applicability.
As used in this part, the term: "Pooled assets" means mortgages, securities, or other assets comprising any mortgage or securities pool operated by such financial institution (whether said assets are held in the name of the institution or a nominee therefor) or with respect to which undivided interests have been created, regardless of whether or not the financial institution is technically a trustee and regardless of whether or not certificates of participation have been issued with respect thereto. "Trust assets" means all assets held by financial institutions as trustee, administrator, executor, guardian, or in a similar fiduciary capacity but shall not include assets held by the commercial department of the financial institution or pooled assets, as defined in paragraph (1) of this subsection. In the event of conflict, this part and not other parts of this article or other articles of this chapter shall control as to the trust assets and the pooled assets of any financial institution in receivership. (Code 1933, § 41A-901, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2020, p. 493, § 7/SB 429.) The 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, substituted "or pooled assets, as defined" for "or 'pooled assets' as defined" near the end of paragraph (a)(2).
Frequently Asked Questions About Georgia § 7-1-220
What does Official Code of Georgia Annotated § 7-1-220 cover?
Section 7-1-220 ("Definitions and applicability.") 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 § 7-1-220?
A common citation format is "Official Code of Georgia Annotated § 7-1-220" (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 § 7-1-220 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.