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Pledging Assets As Security For Deposits Of Public Funds
Answer by: Ken Golliher, BOL Guru

Question: According to the Banking Code of 1965, a bank is supposed to pledge assets as security for deposits of public funds. I cannot find a comprehensive list of what type/title of account is considered to be public funds.

Answer: Your statutory reference is to state law. Your state banking department is the final source on what they consider to be public funds. (Even if you are a national bank.) However, you might want to look at the instructions for the Report of Condition and Income to see what is classified as public funds there.

First published on 7/15/02

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