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Current as of March 08, 2022 | Updated by FindLaw Staff
A. An eligible depository shall not accept or retain any public deposit that is required to be secured unless the eligible depository has deposited the required collateral with a qualified escrow agent or the administrator, if required. Every eligible depository shall deposit with a qualified escrow agent eligible collateral equal to or in excess of the required collateral. Required collateral shall be one hundred two percent of public deposits less any applicable deposit insurance. Eligible collateral shall be valued at current market value. Substitutions and withdrawals of eligible collateral may be made without prior notification or consent by the public depositor. The administrator shall provide written consent before withdrawals of collateral. Substitutions of collateral may be made with notification to the administrator.
B. Notwithstanding any other provisions of law, an eligible depository shall not be required to give bond or pledge securities or instruments in the manner provided in this section for the purpose of securing deposits that are received or held in the trust department of the depository and that are secured pursuant to 12 United States Code § 92a.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 35. Public Finances § 35-1207. Collateral for public deposits - last updated March 08, 2022 | https://codes.findlaw.com/az/title-35-public-finances/az-rev-st-sect-35-1207/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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