§ 5-1.5-9-6 — Financial institution to keep and pay over funds deposited with it

Indiana § 5-1.5-9-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.5: INDIANA BOND BANK
• Ch. 9: Miscellaneous Provisions

Text

A financial institution may give to the bank a
good and sufficient undertaking with such sureties as are approved by
the bank to the effect that the financial institution shall faithfully keep
and pay over to the order of or upon the warrant of the bank or its
authorized agent all those funds deposited with it by the bank and
agreed interest under or by reason of this article, at such times or upon
such demands as may be agreed with the bank or in lieu of these
sureties, deposit with the bank or its authorized agent or a trustee or for
the holders of bonds, as collateral, those securities as the board may
approve. The deposits of the bank may be evidenced by an agreement
in the form and upon the terms and conditions that may be agreed upon
by the bank and the financial institution.

Legislative History

As added by P.L.25-1984, SEC.1.