2021 Georgia Code
Title 20 - Education
Chapter 3 - Postsecondary Education
Article 7 - Scholarships, Loans, and Grants
Part 2 - Georgia Higher Education Assistance Corporation
§ 20-3-269. Loan Guaranties Not State Debt; Directors and Officers Not Personally Liable for Issuance of Guaranties
Loan guaranties issued under this part shall not be deemed to constitute a debt, liability, or obligation of, or a pledge of the faith and credit of, the state but shall be payable solely from revenues or assets of the corporation provided for such payment pursuant to paragraph (1) of Code Section 20-3-275. No director or officer of the corporation shall be subject to any personal liability or accountability by reason of the issuance of loan guaranties by the corporation.
(Code 1933, § 32-3309, enacted by Ga. L. 1980, p. 835, § 2.)
OPINIONS OF THE ATTORNEY GENERAL
Editor's notes.
- In light of the similarity of the statutory provisions, opinions under former Ga. L. 1965, p. 217, which was subsequently repealed but was succeeded by provisions in this Code section, are included in the annotations for this Code section.
Notes guaranteed by corporation and United States government are "obligations". 1971 Op. Att'y Gen. No. 71-69 (decided under former Ga. L. 1965, p. 217).
State depositories may pledge or assign guaranteed notes.- State depositories may pledge or assign to the State Treasurer (now director of the Office of Treasury and Fiscal Services), in lieu of surety bonds, notes fully guaranteed by the corporation to the extent that the notes are reinsured by the United States government in accordance with former Code 1933, § 100-108. 1971 Op. Att'y Gen. No. 71-69 (decided under former Ga. L. 1965, p. 217).
