Section 9-4-826 - Joint Custody Agreement for Securing Local Deposits; Placement of Security With Custodian; Receipt as Evidence of Deposit

9-4-826. Joint custody agreement for securing local deposits; placement of security with custodian; receipt as evidence of deposit. At the request of the treasurer of the proper governing board, the designated depository shall place the security to be furnished as collateral for the deposit with the custodian agreed upon by the treasurer of the governing board and the depository bank. A joint custody trust receipt is the evidence of the deposit of the collateral security.