§ 16502 State Funds Deposit Rules

Government Code·California

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Key Takeaways

•The state must put its extra money in approved banks.
•Even if the money is in a bank, it still belongs to the state.
•The Treasurer is in charge of keeping track of this money.

Example

The state has extra money from taxes.

The Treasurer puts this money in a bank, but it’s still the state’s money, not the bank’s.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 16502 State Funds Deposit Rules

All other money in the State Treasury or under the control of the Treasurer belonging to or in the custody of the State, shall, so far as possible, be deposited by the Treasurer to the credit of the State in eligible banks. Any sum in the State Treasury so deposited is deemed to be in the State Treasury. Any other amount so deposited is deemed to be held in trust by the Treasurer. (Amended by Stats. 1957, Ch. 1542.)

Last verified: January 22, 2026

Key Terms

State Treasury Treasurer eligible banks held in trust

References

Official text at leginfo.legislature.ca.gov
California Legislature. Government Code. Section 16502.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References