1. Whenever any funds subject to section 483.310 placed in the registry of the circuit court in any county, and in cities now having or which hereafter have six hundred thousand inhabitants or more, are deposited in a banking institution, the funds in excess of the amount, if any, of federal deposit insurance carried by said banking institution under the law as it now exists or as it may be hereafter amended, shall be secured by the depositary by the deposit of securities of the character prescribed by section 30.270 for the security of funds deposited by the state treasurer under the provisions of section 30.240.

2. The securities shall have a constant value equal to the excess of the deposit over the federal deposit insurance, if any, and at the option of the depositary banking institution, be delivered to the clerk, or be deposited with such disinterested banking institution or safe depositary as trustee as may be satisfactory to both parties to the depositary agreement.

3. The rights and duties of the several parties to the depositary contract shall be the same as those of the state and the depositary banking institution respectively under section 30.270. If a depositary banking institution deposits the bonds or securities with a trustee as above provided, and the clerk gives notice in writing to the trustee that there has been a breach of the depositary contract and makes demand in writing on the trustee for the securities, or any part thereof, then the trustee shall forthwith surrender to the clerk a sufficient amount of the securities as may fully protect the depositor from loss and the trustee shall thereby be discharged of all further responsibility in respect to the securities so surrendered.