Georgia § 7-1-289 - Security for deposits.
Full text of Georgia Official Code of Georgia Annotated § 7-1-289 — Security for deposits., with citation guidance and answers to common questions.
§ 7-1-289. Security for deposits.
A bank may pledge or otherwise grant security interests in its assets to secure deposits of: Public funds; Funds of a pension fund for employees of a public body of the state; Funds for which a public body of the state or an officer or employee thereof or any court of law is the custodian or trustee pursuant to statute; Funds held by the department as receiver; Funds which are required to be secured by law or by an order of a court; Its own fiduciary funds or the fiduciary funds of an affiliate. In either case, the funds shall be deposited with the pledging institution and held in its commercial department; and Public funds deposited in another bank. Except for the deposits listed in subsection (a) of this Code section, a bank may not pledge or otherwise grant security interests in its assets as security for deposits unless otherwise specifically approved in writing by the department. (Code 1933, § 13-2068, enacted by Ga. L. 1973, p. 526, § 8; Code 1933, § 41A-1310, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1993, p. 929, § 1; Ga. L. 1995, p. 673, § 14; Ga. L. 2016, p. 390, § 7-6/HB 811.)
Frequently Asked Questions About Georgia § 7-1-289
What does Official Code of Georgia Annotated § 7-1-289 cover?
Section 7-1-289 ("Security for deposits.") 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 § 7-1-289?
A common citation format is "Official Code of Georgia Annotated § 7-1-289" (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 § 7-1-289 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.