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Maryland Code, State Finance and Procurement § 6-223

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Except as otherwise prohibited by law, the Treasurer may invest or reinvest, in a deposit with a financial institution in the State, unexpended or surplus money over which the Treasurer has custody if:

(1) the deposit is interest bearing; and

(2) as provided for a depositary for State money:

(i) the financial institution provides collateral that has a market value that equals or exceeds the amount by which a deposit exceeds the deposit insurance; and

(ii) a custodian holds the collateral.

(b) The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section.

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Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 6-223 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-6-223/

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 before relying on it for your legal needs.

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