There is a newer version of the Georgia Code
2010 Georgia Code
TITLE 7 - BANKING AND FINANCE
CHAPTER 1 - FINANCIAL INSTITUTIONS
ARTICLE 7 - BUILDING AND LOAN ASSOCIATIONS AND SAVINGS AND LOAN ASSOCIATIONS
§ 7-1-780 - Lien on deposits to secure loans
O.C.G.A. 7-1-780 (2010)7-1-780. Lien on deposits to secure loans
To secure loans, building and loan associations and savings and loan associations shall have a lien without further agreement or pledge upon all deposits with it by a borrower; and, upon default upon any loan, any such association may, without notice to or consent of the borrower, cancel on its books part or all of the amount outstanding to the credit of the borrower not exceeding his obligations to the association and apply such amount in payment of the obligations.
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