§ 5-607. Deposits made by receiver

   (a) In general. -- All money received by the receiver shall be deposited to the receiver's credit in any bank or trust company that the receiver chooses.

(b) Required security. --

   (1) To safekeep and to secure payment of the money deposited with it, the depository bank or trust company shall deposit with the office of the Commissioner general obligations of or obligations guaranteed by the federal government, this State, or any of its political subdivisions.

   (2) These obligations shall be valued at the lower of market value or par value, and their value always shall be at least equal to the deposits of the receiver in the bank or trust company.

(c) Time security to be retained. -- The receiver may waive this requirement for obligations for any money remaining more than 6 months after the dividend checks are mailed to the creditors and depositors.

HISTORY: An. Code 1957, art. 11, § 12; 1980, ch. 33, § 2; 1996, ch. 326, § 2.