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Can you summarize KSST Chapter 9, Article 14?
BANKS AND BANKING; TRUST COMPANIES > BANKING CODE; DEPOSIT OF PUBLIC MONEYS
Short Summary
These legal documents pertain to various aspects of the deposit of public moneys and the security requirements for such deposits in Kansas. They apply to Kansas state banks, municipal corporations, quasi-municipal corporations, savings and loan associations, and savings banks. The documents allow Kansas state banks to pledge their assets as collateral to secure deposits of public money for governmental units located in another state where the bank has a branch location, as long as it complies with the laws of that state. The documents also provide exemptions for the insured portion of public deposits and deposits made in reciprocal deposit programs. Municipal corporations and quasi-municipal corporations are required to obtain security for their deposits, which can be in the form of corporate surety bonds or by depositing acceptable securities. The documents also govern the designation of depositories for public funds and the duty of public officers in municipal corporations and quasi-municipal corporations to deposit funds only in the designated institutions. The depository institutions are required to enter into a written agreement securing the public moneys by granting a security interest in securities held by the depository. The documents do not mention any specific penalties for non-compliance or violation of their provisions.
Whom does it apply to?
Kansas state banks, municipal corporations, quasi-municipal corporations, savings and loan associations, savings banks
What does it govern?
Deposit of public moneys, security requirements, designation of depositories, exemptions from liability
What are exemptions?
Exemptions for insured portion of public deposits, exemptions for deposits in reciprocal deposit programs
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Kansas