The Treasurer shall take from the qualified trust company or from any federal reserve bank or any branch thereof a receipt for any securities received by it under this article. Neither the Treasurer nor the state is responsible for the custody and safe return of such securities until they are withdrawn from the qualified trust company or from any federal reserve bank or any branch thereof by the Treasurer.

(Amended by Stats. 2015, Ch. 25, Sec. 24. (SB 84) Effective June 24, 2015.)

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Terms Used In California Government Code 16552

  • qualified trust company: means the trust department of any State or National bank in this State or a trust company authorized to act as such in this State. See California Government Code 16550
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
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