§ 16532 Bank Deposit Security Recovery

Key Takeaways

•If a bank doesn't give the money back when the Treasurer asks for it, the Treasurer can take the bank's security (like a guarantee) and turn it into cash.
•The Treasurer must follow the rules in the contract about the deposit.
•The money from the security will be used the way the law says.

Example

Imagine you lend your friend $50, and they give you their video game as a guarantee they'll pay you back. If they don't give you the $50 back when they said they would, you can sell the video game to get your money.

This law works the same way. If a bank doesn't return the money it owes to the Treasurer, the Treasurer can take the bank's guarantee (like the video game) and sell it to get the money back.

If any bank fails to pay all or any part of such deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the deposit that is to be withdrawn in whole or in part, the Treasurer shall forthwith recover upon or convert the security therefor into money and disburse it according to law. (Added by Stats. 1945, Ch. 120.)

Key Takeaways

•If a bank doesn't give the money back when the Treasurer asks for it, the Treasurer can take the bank's security (like a guarantee) and turn it into cash.
•The Treasurer must follow the rules in the contract about the deposit.
•The money from the security will be used the way the law says.

Example

This law works the same way. If a bank doesn't return the money it owes to the Treasurer, the Treasurer can take the bank's guarantee (like the video game) and sell it to get the money back.

Key Takeaways

Example

Key Terms

References

§ 16532 Bank Deposit Security Recovery

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References