Any and all sums of money taken or received by any employer from any employee as deposit or security for the faithful performance by such employee of his duties shall be deemed to be trust funds held in trust by such employer for and on behalf of such employee, to be repaid upon the termination of employment or the balance thereof in accordance with the provisions of any contract of employment. Such employer shall not be required to segregate such moneys nor deposit such moneys in separate accounts; provided, however, that such employer shall at all times have available in cash, on deposit or in readily negotiable securities a sum not less than the aggregate amount of such trust funds.

L.1939, c. 117, p. 424, s. 1.