California Government Code 16507 – A State officer is not liable on his official bond for losses caused …
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A State officer is not liable on his official bond for losses caused by the failure of a bank in which is made a deposit of money belonging to an inmate of a State institution, if the officer was required or permitted by law to act as a trustee or fiduciary with respect to the money and if he made the deposit in good faith and in accordance with law.
(Added by Stats. 1945, Ch. 120.)
Terms Used In California Government Code 16507
- Fiduciary: A trustee, executor, or administrator.
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
- Trustee: A person or institution holding and administering property in trust.