Georgia § 7-1-280 - Major banking powers.

§ 7-1-280. Major banking powers.

Subject to restrictions contained in this chapter or in its articles, a bank shall have the power: To receive money or commercial paper for deposit and to provide by its rules or by agreement for the terms of withdrawal and interest thereon; To act as an agent to collect checks, drafts, and other items of commercial paper and in exercising this power to become a member of a clearing-house and grant security interests in its assets for its qualification therein; To lend money and discount or purchase evidence of indebtedness and agreements for the payment of money and to take security title or security interests in real or personal property to secure obligations owing thereunder; To service loans made by it or by others whether or not held by the bank; To issue, advise, and confirm letters of credit authorizing the beneficiaries thereof to draw upon the bank or its correspondents; To receive money for transmission; To buy and sell exchange, coin, and bullion; and To provide third-party payments services. (Ga. L. 1919, p. 135, art. 17, § 1; Code 1933, § 13-1801; Code 1933, § 41A-1301, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1985, p. 258, § 4; Ga. L. 1986, p. 458, § 5.) Cross references. - Definition of "clearing-house" for purposes of the Uniform Commercial Code, § 11-4-104 . Definition of "collecting bank" for purposes of the Uniform Commercial Code, § 11-4-105 . For provisions of T. 11, the Uniform Commercial Code, pertaining to letters of credit generally, § 11-5-101 et seq. Effect of laws relating to regulation of practice of law on power of banks to give advice to customers in matters incidental to banks or banking, § 15-19-52 .