§ 16601 State Funds Deposit Rules

Government Code·California

AI SummaryVerified

Key Takeaways

•The state must put its extra money in banks, savings and loan places, or credit unions.
•The money is still considered the state's money, even when it's in the bank.
•The Treasurer is in charge of this money and holds it safely for the state.

Example

The state has extra money from taxes that it doesn't need right away.

Instead of keeping all the money in a big pile, the state puts it in a bank. The money is still the state's, and the Treasurer makes sure it's safe.

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

Official Source

View on CA.gov

§ 16601 State Funds Deposit Rules

Notwithstanding Section 16502, 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 as defined in Section 16500, eligible savings and loan associations, and eligible credit unions. 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. 1987, Ch. 1035, Sec. 2.)

Last verified: January 22, 2026

Key Terms

State Treasury Treasurer eligible banks eligible savings and loan associations eligible credit unions

References

Official text at leginfo.legislature.ca.gov
California Legislature. Government Code. Section 16601.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References