Florida Statutes 280.07 – Mutual responsibility and contingent liability
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Terms Used In Florida Statutes 280.07
- Default or insolvency: includes , without limitation, the failure or refusal of a qualified public depository to pay a check or warrant drawn upon sufficient and collected funds by a public depositor or to return a deposit on demand or at maturity together with interest as agreed; the issuance of an order by a supervisory authority restraining such depository from making payments of deposit liabilities; or the appointment of a receiver for such depository. See Florida Statutes 280.02
- Qualified public depository: means a bank, credit union, savings bank, or savings association that:(a) Is organized and exists under the laws of the United States, the laws of this state, or the laws of any other state or territory of the United States. See Florida Statutes 280.02(1) A bank, savings bank, or savings association that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused by the default or insolvency of other banks, savings banks, or savings associations that are designated as qualified public depositories.(2) A credit union that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused by the default or insolvency of other credit unions that are designated as qualified public depositories.
Each qualified public depository shall execute a form prescribed by the Chief Financial Officer for such guarantee which must be approved by the board of directors and must become an official record of the institution.