Section 9-425 - Depository.
§ 9-425. Depository.
(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").
[CA § 6-212; 1980, ch. 856; 1986, ch. 282.]