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§ 515. Pledges for deposits

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 5. Savings Bank Powers (Refs & Annos)
Effective: December 24, 2012
7 P.S. § 515
§ 515. Pledges for deposits
Currentness
(a) Types of deposits--A savings bank may pledge assets as security for deposits of:
(i) public funds,
(ii) funds of a pension fund for employes of a political subdivision of the Commonwealth,
(iii) funds for which a political subdivision of the Commonwealth or an officer or employe of the Commonwealth is the custodian or trustee pursuant to statute,
(iv) funds held by the Secretary of Banking as receiver or by the Insurance Commissioner as statutory liquidator,
(v) funds that are required to be secured by law or by an order of a court,
(vi) in the case of a savings bank with trust powers, funds held in a fiduciary capacity and deposited in its commercial department pursuant to section 403(c) of this act,1 and
(vii) funds held in a fiduciary capacity by a trust company that is an affiliate of the savings bank.
(b) Other deposits--A savings bank may not pledge assets as security for deposits other than those covered by subsection (a).

Credits

1965, Nov. 30, P.L. 847, No. 356, § 515, added 2012, Oct. 24, P.L. 1336, No. 170, § 27, effective in 60 days [Dec. 24, 2012].

Footnotes

1
7 P.S. § 403.
7 P.S. § 515, PA ST 7 P.S. § 515
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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