Iowa Code 12C.18 – Condition of security
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Terms Used In Iowa Code 12C.18
- Credit union: means a cooperative, nonprofit association incorporated under chapter 533 or the federal Credit Union Act, 12 U. See Iowa Code 12C.1
- public funds: means public funds as defined in section 12C. See Iowa Code 12B.10C
- Public officer: means the person authorized by and acting for a public body to deposit public funds of the public body. See Iowa Code 12C.1
The condition of the surety bond or the deposit of securities, instruments, or a joint custody receipt, must be that the credit union will promptly pay to the parties entitled public funds, including any interest on the funds, in its custody upon lawful demand and, when required by law, pay the funds to the public officer who made the deposit.