NRS356.050. Liability of State Treasurer if depository fails or becomes insolvent; deposit of securities for safekeeping.

      1.  Where the State Treasurer, in accordance with the terms and provisions of NRS 356.010 to 356.110, inclusive, has deposited and kept on deposit any public money in depositories so designated, the State Treasurer is not liable personally or upon his or her official bond for any public money that may be lost by reason of the failure or insolvency of any such depository; but the State Treasurer is chargeable with the safekeeping, management and disbursement of the bonds deposited with the State Treasurer as security for deposits of state money and with interest thereon, and with the proceeds of any sale under the provisions of NRS 356.010 to 356.110, inclusive.

      2.  The State Treasurer may deposit for safekeeping with any insured bank, credit union or savings and loan association or a trust company within or without this state any securities or bonds pledged with him or her, as State Treasurer, as collateral or as security for any purpose, but the securities or bonds may only be so deposited by the State Treasurer with the joint consent and approval, in writing, of the pledgor thereof and the State Board of Finance. Any bonds or securities so deposited by the State Treasurer must be deposited under a written deposit agreement between the pledgor and the State Treasurer, to be held and released only upon a written order of the State Treasurer or his or her deputy, and signed by the Governor or acting governor and by one additional member of the State Board of Finance.

      [5:161:1935; A 1937, 365; 1931 NCL § 7029.05]—(NRS A 1959, 570; 1975, 1804; 1979, 1890; 1999, 1486)