Iowa Code 12C.24 – Liability
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 12C.24
- Financial institution: means a bank or a credit union. See Iowa Code 12C.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- public funds: means public funds as defined in section 12C. See Iowa Code 12B.10C
When public deposits are made in accordance with this chapter in a financial institution that is eligible to accept public funds deposits at the time a deposit of public funds is made, a public body depositing public funds, and any person that is an agent, employee, officer, or board member of the public funds depositor, is exempt from liability for any loss resulting from the loss of public funds in the absence of negligence, malfeasance, misfeasance, or nonfeasance on the part of the public body or such person.