§ 9-425. Depository

Latest version.

   (a) Authority to act as depository. -- A savings and loan association may:

   (1) Act as a depository of funds of:

      (i) The federal government and its agencies; and

      (ii) This State and any of its political subdivisions;

   (2) Pledge collateral to secure deposits; and

   (3) Comply with the terms required by the depositor.

(b) Claim priority. -- Depositors under this section are general creditors under § 9-329 of this title ("Priority of claims").

HISTORY: CA § 6-212; 1980, ch. 856; 1986, ch. 282.

                    
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