(a) A bank may, unless otherwise specifically approved in writing by the department, pledge or otherwise grant security interests in its assets to secure deposits of:
(1) Public funds;
(2) Funds of a pension fund for employees of a public body of the state;
(3) Funds for which a public body of the state or an officer or employee thereof or any court of law is the custodian or trustee pursuant to statute;
(4) Funds held by the department as receiver;
(5) Funds which are required to be secured by law or by an order of a court;
(6) Its own fiduciary funds or the fiduciary funds of an affiliate. In either case, the funds shall be deposited with the pledging institution and held in its commercial department; and
(7) Public funds deposited in another bank.
(b) A bank may not pledge or otherwise grant security interests in its assets as security for deposits other than the deposits listed in subsection (a) of this Code section.
Section: Previous 7-1-282 7-1-283 7-1-284 7-1-285 7-1-286 7-1-287 7-1-288 7-1-289 7-1-290 7-1-291 7-1-292 7-1-293 7-1-294 7-1-295 NextLast modified: October 14, 2016