§ 21-419. Bonds are securities

Latest version.

   Bonds issued under this part are securities:

   (1) that may be deposited with and received by a unit of the State or a political subdivision for any purpose for which the deposit of bonds or obligations of the State is authorized by law; and

   (2) in which any of the following persons or entities may invest money:

      (i) an officer or a unit of the State or a political subdivision of the State;

      (ii) a bank, a trust company, a savings and loan association, or an investment company;

      (iii) an insurance company; and

      (iv) a personal representative, trustee, or other fiduciary.

HISTORY: An. Code 1957, art. 23A, § 44A(j); 2013, ch. 119, § 2.

                    
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