Okla. Stat. tit. 6 § 411

Current through Laws 2024, c. 453.

Section 411 - Pledge of assets - Banks

A. A bank may pledge its assets to:

1. Enable it to act as agent for the sale of obligations of the United States;

2. Secure borrowed funds;

3. Secure deposits when the depositor is required to obtain such security by the laws of the United States, by the terms of any interstate compact, by the laws of any state or by order of a court of competent jurisdiction;

4. Secure the uninsured portion of deposits made by a governmental agency of the State of Oklahoma, any public trust having the State of Oklahoma as a beneficiary, rural water district, nonprofit rural water corporation or master conservancy districts formed pursuant to the Conservancy Act of Oklahoma, so long as the pledge is made with the same type of collateral and in the same manner and form as pledges made to secure deposits by the State Treasurer;

5. Anyone as permitted by national banks; or

6. Otherwise comply with the provisions of this Code.

B. In the event the bank pledges assets pursuant to subsection A of this section, the bank shall maintain in its files documentation showing the legal authority or basis for such pledging.

C. With respect to the pledge of assets for deposits identified in subsections A and B of this section, any such pledge shall only apply to the portion not insured by the Federal Deposit Insurance Corporation.

Okla. Stat. tit. 6, § 411

Added by Laws 1965, SB 1, c. 161, § 411; Amended by Laws 1992, HB 2260, c. 157, § 1, emerg. eff. 5/5/1992; Amended by Laws 1993, HB 1293, c. 38, § 1, eff. 9/1/1993; Amended by Laws 1997, HB 2173, c. 111, § 46, emerg. eff. 7/1/1997; Amended by Laws 2000 , HB 2427, c. 59, § 1, emerg. eff. 4/14/2000.