ARTICLE 2. Security for Deposits
Article 2 added by Stats. 1945, Ch. 120.
§§ 16520–16533 · 14 sections
- § 16520 Security shall not be required for that portion of any deposit that is insured under any law of the United States.
- § 16521 To be eligible to receive and retain demand or time deposits, a bank shall deposit with the Treasurer as security for such deposits, securities specified in…
- § 16522 The following securities may be received as security for demand and time deposits: (a) Bonds, notes, or other obligations of the United States, or those for…
- § 16523 If it appears to him necessary for the security of the State, the Treasurer shall require as a condition of eligibility that a bank furnish an indemnity bond…
- § 16525 In lieu of deposits of securities, any otherwise eligible bank may deposit with the Treasurer bonds of admitted surety insurers as security for demand and time…
- § 16526 An admitted surety insurer is not eligible as surety for demand or time deposits in any one bank in amounts in excess of 10 percent of the capital and surplus…
- § 16527 On demand of the Treasurer, the Insurance Commissioner shall issue a certificate showing the qualifications of any admitted surety insurer as surety for demand…
- § 16528 The bond of an admitted surety insurer shall not be accepted as security for demand or time deposits unless it has been certified by the Insurance Commissioner…
- § 16529 The form of bonds required under this chapter shall be prescribed by the Attorney General.
- § 16530 A surety upon any bond to secure demand or time deposits may terminate the bond as to future liability by giving 10 days’ written notice of termination to the…
- § 16531 That portion of any security for deposit that is in excess of the requirements of this article may be withdrawn or released on the written consent of the…
- § 16531.1 (a) Notwithstanding any other law and without regard to fiscal year, if the annual State Budget is not enacted by June 30 of the fiscal year preceding the…
- § 16532 If any bank fails to pay all or any part of such deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the…
- § 16533 If at any time the security deposited with the Treasurer is not deemed satisfactory by the Treasurer, he may require such additional security as is…