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§ 312. Pledges for deposits

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 3. Banking Powers (Refs & Annos)
7 P.S. § 312
§ 312. Pledges for deposits
Currentness
(a) An institution 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 thereof 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 which are required to be secured by law or by an order of a court,
(vi) in the case of a bank and trust company, funds held in a fiduciary capacity and deposited in its commercial department pursuant to subsection 403(c)1 of this act, and
(vii) funds held in a fiduciary capacity by a trust company which is an affiliate of the institution.
(b) An institution may not pledge assets as security for deposits other than those covered by subsection (a) of this section.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 312. Amended 1990, Dec. 18, P.L. 766, No. 191, § 6, imd. effective.

Footnotes

1
7 P.S. § 403.
7 P.S. § 312, PA ST 7 P.S. § 312
Current through Act 4 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document