Money Received for Transmission

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Banks and Trust Companies
  6. Deposits, Safe-Deposit Agreements, and Money Received for Transmission
  7. Money Received for Transmission

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  1. A bank or trust company which receives money for transmission shall give the customer a receipt setting forth:
    1. The date of receipt of the money;
    2. The amount of the money in dollars and cents; and
    3. If the money is to be transmitted to a foreign country in the currency of such country, the amount of the money in such currency.
  2. In an action by a customer against a bank or trust company for recovery of money delivered for transmission, the burden of proof of delivery of the money in accordance with the instructions of the customer shall be on the bank or trust company; but an affidavit by an agent or correspondent of the bank or trust company that the money was delivered in accordance with the customer's instructions shall be prima-facie evidence of the delivery of the money in accordance with the customer's instructions.

(Code 1933, § 41A-1607, enacted by Ga. L. 1974, p. 705, § 1.)

Cross references.

- Persons, corporations, and others engaging in business of receiving cash from patrons as payment of obligations owed by such patrons to third parties, § 10-6-100 et seq.

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 782, 792.

C.J.S.

- 9 C.J.S., Banks and Banking, §§ 474 et seq., 515.

ALR.

- Liability of correspondent bank to depositor in forwarding bank for breach of duty as to collection of paper, 58 A.L.R. 764.

Trust or preference in respect of money used to purchase exchange or to be transmitted, 84 A.L.R. 1470; 93 A.L.R. 938; 101 A.L.R. 631.

Agreement by bank to transmit excess of deposit over specified amount as giving rise to a trust or preference in event of insolvency of bank, 89 A.L.R. 1287.

Bank depositor's act in seeking restitution from third person to whom, or for benefit of whom, the bank has paid out the deposit, as election of remedy precluding action against bank, 144 A.L.R. 1440.


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