51A-10-10. Substitution or exchange of securities deposited to qualify as depository for funds of governmental subdivisions.
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/sd/title-51/chapter-51-10/51a-10-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any bank pledging such securities pursuant to § 51A-10-9 may substitute or exchange, at any time it deems it advisable or desirable and without concurrence of the depositor, or any officers of such depositors, eligible securities of like nature and character for securities pledged, if:
(1)Such securities so substituted or exchanged shall at the time of such substitution or exchange, have a market value of at least equal to the market value of the securities released; and
(2)In the event of such substitution or exchange, the holder or custodian of the securities shall, on the same day, forward by registered or certified mail to the public deposit protection commission and the depository bank, a receipt specifically describing and identifying both the securities so substituted or exchanged and those released and returned to the depository bank.