Funds received or held in the trust department of the bank or by a trust company awaiting investment or distribution must be secured to the trust department or trust company if these funds have been deposited in its own bank, in any of its affiliate banks, or in any other banking corporation by: (1) furnishing an indemnity bond in a responsible surety company authorized to do business in this State; or (2) pledging as collateral: (a) obligations of the United States; (b) obligations fully guaranteed both as to principal and interest by the United States; (c) general obligations of this State or a political subdivision of this State; or (d) obligations of the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation; or (3) providing an irrevocable letter of credit issued by the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation, in which the letter of credit otherwise meets any criteria established and prescribed by the State Treasurer for public funds. Effect of Amendment The 1991 amendment added "of the bank or by a trust company", "or trust company", and "in any of its affiliate banks". The 2006 amendment substituted items (1) to (4) for "bonds acceptable for the securing of public funds in the State equal in market value to the amount of funds deposited".
‹ Prev All South Carolina sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.