Section 10-488 - Deposits.
§ 10-488. Deposits.
(a) In general.-
(1) The Secretary shall deposit moneys collected in a delinquency proceeding in a State or national bank, savings bank, or trust company.
(2) Deposits made by the Secretary under paragraph (1) of this subsection have priority of payment equal to any other priority specified by the banking laws of this State if the depository:
(i) is an institution organized and supervised under the laws of this State; and
(ii) becomes insolvent or liquidates voluntarily or involuntarily.
(3) The Secretary may deposit all or part of the moneys collected in a national bank or trust company as a trust fund.
(b) Savings and loan or building and loan association.- To the extent that an investment or account is insured by the Federal Deposit Insurance Corporation, the Secretary may invest in shares of or deposits in a savings and loan association or building and loan association.
[An. Code 1957, art. 70B, § 20P; 2007, ch. 3, § 2.]