Notwithstanding RCW 39.58.130, (1) aggregate deposits received by a public depositary from all treasurers and the state treasurer shall not exceed at any time one hundred fifty percent of the value of the depositary’s net worth, nor (2) shall the aggregate deposits received by any public depositary exceed thirty percent of the total aggregate deposits of all public treasurers in all depositaries as determined by the commission. However, a public depositary may receive deposits in excess of the limits provided in this section if eligible collateral, as prescribed in RCW 39.58.050, are pledged in an amount equal to one hundred percent of the value of deposits received in excess of the limitations prescribed in this section.

NOTES:

Effective date—2009 c 9: See note following RCW 39.58.010.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Washington Code 39.58.135

  • Collateral: means the particular assets pledged as security to insure payment or performance of the obligations under this chapter as enumerated in RCW 39. See Washington Code 39.58.010
  • Commission: means the Washington public deposit protection commission created under RCW 39. See Washington Code 39.58.010
  • Public depositary: means a financial institution that has been approved by the commission to hold public deposits, and has segregated, for the benefit of the commission, eligible collateral having a value of not less than its maximum liability;
Washington Code 39.58.010
  • State treasurer: means the treasurer of the state of Washington;
    • Washington Code 39.58.010
      Previous section
    Next section  
     Chapter 39.58 Contents