§ 39.58.010 Definitions
§ 39.58.020 Public funds — Protection against loss
§ 39.58.030 Public deposit protection commission — State finance committee constitutes — Proceedings
§ 39.58.040 General powers of commission
§ 39.58.050 Collateral for deposits — Segregation — Eligible securities
§ 39.58.060 Loss in a public depositary — Procedure for payment
§ 39.58.070 Subrogation of commission to depositor’s rights — Sums received from distribution of assets, payment
§ 39.58.080 Deposit of public funds in public depositary required — Deposits in institutions located outside the state
§ 39.58.085 Demand accounts in out-of-state and alien banks — Limitations
§ 39.58.090 Authority to secure deposits in accordance with chapter — Bonds and securities for deposits dispensed with
§ 39.58.100 Reports of public depositaries — Certification by director of financial institutions
§ 39.58.103 Notice to commission of reduced net worth
§ 39.58.105 Investigation of financial institution applying to become public depositary — Report
§ 39.58.108 Requirements to become depositary
§ 39.58.130 Investment deposits — Net worth of public depositary
§ 39.58.135 Limitations on deposits
§ 39.58.140 Liability of treasurers and state treasurer
§ 39.58.155 Statewide custodian — Exemption from chapter
§ 39.58.200 Public depositary pool — Uniform treatment by commission
§ 39.58.210 Failure to furnish information — Failure to comply with chapter — Revocation of authority — Costs for noncompliance
§ 39.58.220 Commission — Delegation of authority — Exception
§ 39.58.230 Liability after merger, takeover, or acquisition
§ 39.58.750 Receipt, disbursement, or transfer of public funds by wire or other electronic communication means authorized
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Terms Used In Washington Code > Chapter 39.58 - Public funds -- Deposits and investments -- Public depositaries

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Capitalization: means the measure or measures of capitalization, other than net worth, of a depositary applying for designation as or operating as a public depositary pursuant to this chapter, based upon regulatory standards of financial institution capitalization adopted by rule or resolution of the commission after consultation with the director of the department of financial institutions;
Washington Code 39.58.010
  • 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
  • Commission report: means a formal accounting rendered by all public depositaries to the commission in response to a demand for specific information made by the commission detailing pertinent affairs of each public depositary as of the close of business on a specified date, which is the "commission report date. See Washington Code 39.58.010
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Depositary pledge agreement: means a tripartite agreement executed by the commission with a financial institution and its designated trustee. See Washington Code 39.58.010
  • Director of the department of financial institutions: means the Washington state director of the department of financial institutions;
    • Washington Code 39.58.010
  • Eligible collateral: means the securities or letters of credit enumerated in RCW 39. See Washington Code 39.58.010
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Financial institution: means any national or state chartered commercial bank or trust company, savings bank, savings association, or federal or state chartered credit union, or branch or branches thereof, located in this state and lawfully engaged in business;
    • Washington Code 39.58.010
  • Investment deposits: means time deposits, money market deposit accounts, and savings deposits of public funds available for investment. See Washington Code 39.58.010
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Liquidity: means the measure or measures of liquidity of a depositary applying for designation as or operating as a public depositary pursuant to this chapter, based upon regulatory standards of financial institution liquidity adopted by rule or resolution of the commission after consultation with the director of the department of financial institutions;
    • Washington Code 39.58.010
  • Loss: means the issuance of an order by a regulatory or supervisory authority or a court of competent jurisdiction (a) restraining a public depositary from making payments of deposit liabilities or (b) appointing a receiver for a public depositary;
    • Washington Code 39.58.010
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
  • Public deposit: means public funds on deposit with a public depositary;
    • 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
  • Public funds: means moneys under the control of a treasurer, the state treasurer, or custodian belonging to, or held for the benefit of, the state or any of its political subdivisions, public corporations, municipal corporations, agencies, courts, boards, commissions, or committees, including moneys held as trustee, agent, or bailee belonging to, or held for the benefit of, the state or any of its political subdivisions, public corporations, municipal corporations, agencies, courts, boards, commissions, or committees;
    • Washington Code 39.58.010
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State public depositary: means a Washington state-chartered financial institution that is authorized as a public depositary under this chapter;
    • Washington Code 39.58.010
  • State treasurer: means the treasurer of the state of Washington;
    • Washington Code 39.58.010
  • Statute: A law passed by a legislature.
  • Treasurer: means a county treasurer, a city treasurer, a treasurer of any other municipal corporation, and any other custodian of public funds, except the state treasurer;
    • Washington Code 39.58.010
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: means a third-party safekeeping agent which has completed a depositary pledge agreement with a public depositary and the commission. See Washington Code 39.58.010