Section 30A.08.160. Report of bond liability—Collateral.

Any trust company receiving moneys for investment, and for which it shall give its bonds as in *RCW 30.08.150(12) provided, shall within ten days after any regular report is called for from banks or trust companies by the director, make a statement of its total liability, on all bonds issued and then in force, certified by its board of directors, and shall at the same time deposit with the state treasurer, for the benefit of the holders of such bonds or obligations, sufficient securities or money so that it will have on deposit with said state treasurer a sufficient amount of said securities, which may be exchanged for other securities as necessity may require, or money to, at any time, pay all of said liability. In the event of its failure to make such deposits, it shall cease doing such business: PROVIDED, That whenever money shall have been deposited with the treasurer, it may be withdrawn at any time upon a like amount of securities being deposited in its stead: AND PROVIDED FURTHER, That the securities deposited shall consist of such securities as are by this title permitted for the investment of trust funds.

[ 1994 c 92 § 59; 1955 c 33 § 30.08.160. Prior: 1917 c 80 § 25; RRS § 3232. Formerly RCW 30.08.160.]

NOTES:

*Reviser's note: RCW 30.08.150 was recodified as RCW 30A.08.150 pursuant to 2014 c 37 § 4, effective January 5, 2015.

1994 c 92 § 59; 1955 c 33 § 30.08.160. Prior: 1917 c 80 § 25; RRS § 3232. Formerly RCW 30.08.160.