(a) A bank may pledge or otherwise grant security interests in its assets to secure deposits of: (1) Public funds;(2) Funds of a pension fund for employees of a public body of the state;(3) 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;(4) Funds held by the department as receiver;(5) Funds which are required to be secured by law or by an order of a court;(6) 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(7) Public funds deposited in another bank.(b) 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.Amended by 2016 Ga. Laws 450,§ 7-6, eff. 7/1/2016.
Georgia Legal Code