West Virginia Code > Chapter 12 > Article 1B – West Virginia Security for Public Deposits Act


12-1B-1	Short title
12-1B-10	Subrogation of the State Treasurer to depositor’s rights; payment of sums received from distribution of assets
12-1B-11	Deposit of public funds in designated state depositories; authority to make public deposits
12-1B-12	Liability of public depositors
12-1B-13	Reports of designated state depositories
12-1B-14	Inconsistent provisions
12-1B-2	Legislative intent; findings
12-1B-3	Applicability
12-1B-4	Definitions
12-1B-5	West Virginia Security for Public Deposits Program established
12-1B-6	The Treasurer’s Collateral Administration Fund
12-1B-7	Powers and duties of the State Treasurer; rules; charges; contracts
12-1B-8	Authority to secure public deposits; acceptance of liabilities and duties of designated state depositories
12-1B-9	Collateral for public deposits

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Contract: A legal written agreement that becomes binding when signed.
Escrow: Money given to a third party to be held for payment until certain conditions are met.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
spending unit: means a department, agency, board, commission or institution of state government for which an appropriation is requested, or to which an appropriation is made by the Legislature. See West Virginia Code 12-1-2