Tennessee Code 9-4-514 – Public deposit security trust fund

(a) In order to facilitate the administration of this part, there is created the “public deposit security trust fund,” hereafter in this section designated the “fund.” The fund must be composed of eligible collateral pledged from any defaulting institution, proceeds from the sale or use of the eligible collateral, or from any assessment.

Terms Used In Tennessee Code 9-4-514

Eligible collateral: has the meaning set forth in §. See Tennessee Code 9-4-502
fund: means the fund created pursuant to §. See Tennessee Code 9-4-502
Loss: includes , but is not limited to:
(A) The principal amount of the public deposit. See Tennessee Code 9-4-502
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105

(b) The state treasurer is authorized to pay any loss to public depositors from the fund, and there are hereby appropriated from the fund such sums as may be necessary from time to time to pay the losses.

(c) Any money in the fund estimated not to be needed for immediate cash requirements shall be invested pursuant to § 9-4-603.

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Tennessee Code 9-4-514 – Public deposit security trust fund

Terms Used In Tennessee Code 9-4-514

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