Rbc Global Asset Management (U.S.) Inc. v. Lattimore

Summary

The Supreme Court of Georgia held that a registered investment adviser that does not hold client funds or accounts is not a “financial institution” under the garnishment statute. Because the creditor used the summons form applicable only to financial institutions, the garnishment was invalid and the trial court never obtained personal jurisdiction over the adviser. The court therefore reversed the denial of the motion to set aside the default judgment without reaching the constitutional challenges.