Arizona § 35-1207 Collateral for public deposits

Arizona Statutes

§ 35-1207 — Collateral for public deposits

Arizona § 35-1207

Title 35Arizona Revised Statutes

Ch. 10PUBLIC DEPOSITS

Art. 1General Provisions

This text of Arizona § 35-1207 (Collateral for public deposits) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 35-1207 (2026).

Text

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

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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 section 92a.