§ 11-47-109 — Where collateral held - right of substitution - income derived

Colorado § 11-47-109

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Protection of Deposits of Public Moneys

Text

(1)
The eligible collateral required to be pledged as provided in section 11-47-108 shall
be held in escrow by another savings and loan association in Colorado, by a state or
national bank in Colorado, or by any federal home loan bank or branch thereof or
any federal reserve bank or branch thereof approved by the commissioner, and held
in such manner as the financial services board shall prescribe by rule. All collateral
so held shall be clearly identified as being security maintained or pledged for the
aggregate amount of public deposits accepted and held on deposit by said eligible
public depository.

(2) Said depository shall have the right at any time to make substitutions of
eligible collateral maintained or pledged and shall at all times be entitled to collect
and retain all income derived from the same without restriction.

Legislative History

Source: L. 75: Entire article added, p. 403, � 1, effective July 1. L. 77: (1) amended, p. 574, � 2, effective June 10. L. 86: (1) amended, p. 603, � 1, effective March 10. L. 89: (1) amended, p. 613, � 9, effective April 19. L. 93: (1) amended, p. 1454, � 16, effective June 6. L. 2004: (1) amended, p. 143, � 34, effective July 1.