The Act gives a mechanic's lien in farm equipment priority over perfected security interests unless a financing statement describing the farm equipment has been filed.
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The Act defines the term financial institution to include savings bank, savings and loan association, or credit union as it relates to the Georgia Uniform Gift to Minors Act.
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The Act amends Georgia law as it related to the operation and regulation of credit unions to remove the restriction on par value of shares issues and to make credit union provisions parallel other financial institution provisions as to minor, joint and trust shares and deposits.
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The Act amends the Uniform Commercial Code to expand the definition of bank and to provide that both a branch bank and to provide that both a branch bank and data processing center are separate banks for certain purposes.
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The Act amends prior law regarding the descent and distribution of in intestate's estate to remove gender distinctions and to provide that a surviving spouse receive at least a one-fourth share of the estate.
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The Act allows for the award of reasonable attorney fees and expenses in any civil litigation against any party litigant or counsel, or both, for frivolous litigation.
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