Definitions and applicability

(a) As used in this part, the term: (1) “Pooled assets” means mortgages, securities, or other assets comprising any mortgage or securities pool operated by such financial institution (whether said assets are held in the name of the institution or a nominee therefor) or with respect to which undivided interests have been created, regardless of whether or not the financial institution is technically a trustee and regardless of whether or not certificates of participation have been issued with respect thereto. (2) “Trust assets” means all assets held by financial institutions as trustee, administrator, executor, guardian, or in a similar fiduciary capacity but shall not include assets held by the commercial department of the financial institution or pooled assets, as defined in paragraph (1) of this subsection. (b) In the event of conflict, this part and not other parts of this article or other articles of this chapter shall control as to the trust assets and the pooled assets of any financial institution in receivership. History. Code 1933, § 41A-901, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2020, p. 493, § 7/SB 429. 7-1-221. Status of department in relation to trust and pooled assets. (a) Upon taking possession of a financial institution, the department shall hold trust and pooled assets separate from the assets of the financial institution itself. Trust and pooled assets shall not be available for distribution to depositors, other creditors, or shareholders. (b) The department as receiver shall have all rights, powers, and duties of the financial institution in regard to trust and pooled assets, including title to the assets and the right to administer them. History. Code 1933, § 41A-902, enacted by Ga. L. 1974, p. 705, § 1. 7-1-222. Jurisdiction of court over trust and pooled assets.