Appointment of Affiliated Trust Company as Agent for Bank; Liability of Bank for Actions of Agent

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Banks and Trust Companies
  6. Affiliate Transfers
  7. Appointment of Affiliated Trust Company as Agent for Bank; Liability of Bank for Actions of Agent

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In addition to and not in limitation of the other powers provided in this part, any bank shall be entitled and empowered to designate an affiliated trust company as its agent for the performance of all acts, obligations, and responsibilities of the bank with respect to any fiduciary capacity. In such event, the bank shall remain fully responsible and liable with respect to all actions of the affiliated trust company as if performed by the bank itself. No such agency relationship shall:

  1. Be deemed an impermissible delegation of responsibility or duty by the bank; or
  2. Constitute a resignation or disqualification of the bank as fiduciary or a relinquishment of trust powers by the bank.

(Code 1981, §7-1-323, enacted by Ga. L. 1986, p. 1244, § 1; Ga. L. 1992, p. 6, § 7.)


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