Whenever a change occurs in the ownership of or right to vote the outstanding shares of any bank or trust company which will result in the control or a change in the control of the bank or trust company, the president or other officer of such bank or trust company shall, within ten days after knowledge thereof, report such facts to the department. As used in this Code section, the term "control" means the power to direct or cause, directly or indirectly, the direction of the management or policies of the institution. If there is any doubt as to whether a change in the ownership or voting rights of such shares is sufficient to result in control thereof or to effect a change in the control thereof, such doubt shall be resolved in favor of reporting the facts to the department.
(Code 1933, § 13-2006, enacted by Ga. L. 1965, p. 524, § 1; Code 1933, § 41A-2013, enacted by Ga. L. 1974, p. 705, § 1; Code 1981, §7-1-442; Code 1981, §7-1-236, as redesignated by Ga. L. 1986, p. 458, § 3.)
Cross references.- Procedure for giving notice to department of proposed change in control of financial institution, § 7-1-230 et seq.
Editor's notes.- Ga. L. 1986, p. 458, § 3, redesignated former Code Section 7-1-442 as present Code Section 7-1-236.
PART 11 COSTS ON JUDICIAL PROCESS
7-1-237. Reimbursement of costs incurred in answering subpoena, garnishment, or order; subpoena to be answered within five days.
Any financial institution shall be reimbursed by the requesting party for costs which are reasonably necessary and which have been directly incurred in searching for, reproducing, or transporting books, papers, records, or other data of a customer required or requested to be produced pursuant to a lawful subpoena, summons, warrant, garnishment, attachment, request for the production of documents, or court order where the financial institution is not a party to the action. Except as may otherwise be ordered by a judge of the court issuing the same, a financial institution shall have five business days from service of a subpoena within which to produce any books, papers, or records ordered produced pursuant to such subpoena. In the case of a garnishment or attachment of funds held by the financial institution, such reimbursement may be deducted prior to remission of such funds in response to the garnishment or attachment. Rates and conditions under which reimbursement may be made under this Code section shall be prescribed by regulations of the department.
(Code 1981, §7-1-237, enacted by Ga. L. 1983, p. 602, § 3; Ga. L. 1985, p. 1467, § 1; Ga. L. 1987, p. 805, § 1.)
RESEARCH REFERENCES
ALR.
- Bank's liability, under state law, for disclosing financial information concerning depositor or customer, 81 A.L.R.4th 377.
PART 12 DEPOSITS OF DECEASED DEPOSITORS
7-1-239. (For effective date, see note.) Definitions; payment of large deposits of deceased intestate depositors; affidavit for disbursement; form for affidavit.
Such affidavit shall state that such individuals qualify as the proper relation to the decedent as specified in this subsection, there is no known will of the decedent, and that there are no other known corresponding claimants to such deposit.
provided, however, that, if any payment is made pursuant to subsection (c) of this Code section by an employee of the financial institution who is without actual knowledge of such written notification or service of notice within three business days following the receipt of such written notification or service of notice by the registered agent of the financial institution, the protection provided by paragraph (1) of this subsection shall extend to any such payment.
"State of Georgia County of ________________
________________ died on the ____ day of ________, 20____.
On information and belief, the Deceased has funds on deposit with ________________________.
(Facility)
(Financial Institution)
Under O.C.G.A. §7-1-239, such Financial Institution is authorized to pay the proceeds of the Deceased's deposits, but in no event more than $15,000.00, directly to the following persons identified, collectively, as potential recipient(s):
1. To the surviving spouse;
2. If no surviving spouse, to the children pro rata;
3. If no children or surviving spouse, to the father and mother pro rata; or
4. If none of the above, then to the brothers and sisters of the decedent pro rata.
Except as provided for by Article 8 in Title 7 of the O.C.G.A., if no request for the Deceased's deposit is made by a potential recipient(s) within 45 days from the Deceased's death, the Financial Institution is authorized to release up to $15,000.00 for funeral expenses and expenses of the last illness of the Deceased upon the receipt of itemized statements of such expenses and this executed attestation.
The Claimant attests that there is no known will of the Deceased and there is no known potential recipient of the Deceased's deposits. The Claimant also attests that funeral expenses or expenses of the last illness in the amount of $__________ were incurred related to the Deceased and that true and correct copies of the itemized receipts fully supporting such amount are attached to this affidavit. Finally, the Claimant further attests that such expenses have not been paid as of the date of execution of this affidavit.
Pursuant to O.C.G.A. §7-1-239, the Claimant submits this form in order to receive payment in the amount of $__________ (shall not exceed $15,000.00) for outstanding funeral expenses or expenses of the last illness of the Deceased.
____________________________
Signature of Claimant
Sworn and subscribed
before me this ____ day
of ________, 20____.
________________________________________
Notary public (SEAL)
My commission expires: ________________."
(Code 1981, §7-1-239, enacted by Ga. L. 1983, p. 661, § 1; Ga. L. 1985, p. 1241, § 1; Ga. L. 1986, p. 887, § 1; Ga. L. 1996, p. 848, § 3; Ga. L. 2019, p. 279, § 1/HB 490; Ga. L. 2020, p. 377, § 2-2/HB 865.)
Delayed effective date.- Subsections (b), (c), and (d), as set out above, become effective January 1, 2021. For version of subsections (b), (c), and (d) in effect until January 1, 2021, see the 2020 amendment note.
The 2019 amendment, effective July 1, 2019, added subsection (a); redesignated former subsections (a) through (c) as present subsections (b) through (d), respectively; substituted "$15,000.00" for "$10,000.00" in subsections (b) and (c); in the introductory language of subsection (b), substituted "subsection (c)" for "subsection (b)" near the beginning, inserted ", upon receipt of an affidavit," in the middle, and substituted "individuals" for "persons" at the end; added the ending undesignated language in subsection (b); substituted "subsection (b) of this Code section within 45 days" for "subsection (a) of this Code section within 90 days" near the middle of the first sentence of subsection (c); in subsection (d), deleted "subsections (a) and (b) of" following "pursuant to" near the beginning and rewrote the second sentence, which read: "Such payment is authorized to be made as provided in this Code section without the necessity of administration of the estate of the decedent or without the necessity of obtaining an order that no administration is necessary."; deleted former subsections (d) through (g); and added present subsection (e).
The 2020 amendment, effective January 1, 2021, deleted "claimant or" preceding "claimants" in the ending undesignated paragraph in subsection (b); in subsection (c), inserted "and in paragraph (2) of subsection (d) of this Code section" in the first sentence and substituted "Except as otherwise provided in paragraph (2) of subsection (d) of this Code section, the financial institution applying such deposit as authorized in this subsection" for "The financial institution" in the last sentence; designated the existing provisions of subsection (d) as paragraph (d)(1), and in paragraph (d)(1), substituted "Except as otherwise provided in paragraph (2) of this subsection, payments made in compliance with" for "Payments pursuant to" at the beginning of the first sentence and substituted "Except as otherwise provided in paragraph (2) of this subsection, the" for "The" at the beginning of the second sentence, and added paragraphs (d)(2) through (d)(5).
Law reviews.- For article surveying trust and estate law in 1984-1985, see 37 Mercer L. Rev. 443 (1985). For annual survey of law of wills, trusts, and administration of estates, see 38 Mercer L. Rev. 417 (1986). For annual survey article discussing wills, trusts and administration of estates, see 52 Mercer L. Rev. 481 (2000). For annual survey on wills, trusts, guardianships, and fiduciary administration, see 71 Mercer L. Rev. 327 (2019).