Nebraska § 77-2314 County funds; depositories; funds deposited pro rata

Nebraska Statutes

§ 77-2314 — County funds; depositories; funds deposited pro rata

Nebraska·Ch. 77 Revenue and Taxation

When more than one bank, capital stock financial institution, or qualifying mutual financial institution may have been selected by the county board as depositories, the county treasurer shall not give a preference to any one or more of them in the money he or she may so deposit, but shall keep deposited with each of such banks, capital stock financial institutions, or qualifying mutual financial institutions such a part of the money as the capital of such bank, capital stock financial institution, or qualifying mutual financial institution as of December 31 of the preceding year is a part of the amount of all the capital of all the banks, capital stock financial institutions, or qualifying mutual financial institutions so selected as of December 31 of the preceding year, so that such money

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When more than one bank, capital stock financial institution, or qualifying mutual financial institution may have been selected by the county board as depositories, the county treasurer shall not give a preference to any one or more of them in the money he or she may so deposit, but shall keep deposited with each of such banks, capital stock financial institutions, or qualifying mutual financial institutions such a part of the money as the capital of such bank, capital stock financial institution, or qualifying mutual financial institution as of December 31 of the preceding year is a part of the amount of all the capital of all the banks, capital stock financial institutions, or qualifying mutual financial institutions so selected as of December 31 of the preceding year, so that such money may at all times be deposited with such banks, capital stock financial institutions, or qualifying mutual financial institutions pro rata as to their capital, except that the county treasurer may select one or more banks, capital stock financial institutions, or qualifying mutual financial institutions to be used for active accounts in which he or she may keep deposited in excess of these requirements only such funds as may be necessary for the transaction of ordinary day-to-day requirements. For purposes of this section, capital shall mean capital stock, if any, surplus, undivided profits, capital notes or debentures, and other unimpaired reserves. Section 77-2366 shall apply to deposits in capital stock financial institutions. Section 77-2365.01 shall apply to deposits in qualifying mutual financial institutions.

Nebraska § 77-2314 (County funds; depositories; funds deposited pro rata) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: Laws 1903, c. 110, § 1, p. 584; R.S.1913, § 6660; C.S.1922, § 6191; C.S.1929, § 77-2506; Laws 1930, Spec. Sess., c. 7, § 1, p. 35; Laws 1935, c. 153, § 3, p. 562; Laws 1937, c. 174, § 1, p. 687; C.S.Supp.,1941, § 77-2506; R.S.1943, § 77-2314; Laws 1974, LB 954, § 1; Laws 1989, LB 33, § 34; Laws 1996, LB 1274, § 28; Laws 2001, LB 362, § 36. Annotations: In absence of bad faith, county treasurer is not liable for depositing more than bank's pro rata share. Furnas County v. Evans, 97 Neb. 54, 149 N.W. 64 (1914); Holt County v. Cronin, 79 Neb. 424, 112 N.W. 561 (1907). Treasurer must distribute funds among depositories as provided, and mandamus will lie. State ex rel. First Nat. Bank of O'Neill v. Cronin, 72 Neb. 642, 101 N.W. 327 (1904).