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Can you summarize NYCL BNK 107-A?
Banks and Trust Companies > Security for public deposits
Short Summary
This section of the Consolidated Laws of New York, specifically under the Banking section, governs the security for public deposits. It defines key terms such as ‘public depositary’, ‘public funds’, and ‘political subdivision’. A public depositary refers to a bank, trust company, or other depositary authorized to accept and hold deposits of public funds in the state of New York. Public funds are the funds of a political subdivision, which includes various entities such as municipal corporations, school districts, and public libraries. Public deposits are the deposits of public funds in a public depositary that are available for all uses permitted by the depositary. The document outlines the requirements for a political subdivision to obtain a pledge of assets or other security from a public depositary for its public deposits. It also states that if a written agreement is in place between the depositary and the political subdivision, specifying the maximum amount of security and the terms and conditions, the depositary is deemed to have complied with the law as long as it adheres to the agreement.
Whom does it apply to?
Banks, trust companies, and other depositaries authorized to accept and hold deposits of public funds under the laws of New York
What does it govern?
Security for public deposits
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New York