{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4400.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4400.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4400.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4400.html"}],"law_id":63923,"edition_id":1,"section_id":63923,"structure_id":13096,"section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","history":"1973, c. 172, \u00a7\u00a7 2.1-359, 2.1-361; 1984, c. 135; 2000, cc. 335, 352; 2001, c. 844; 2010, cc. 640, 674; 2020, c. 333.","full_text":"A\n\nThis chapter may be cited as the “Virginia Security for Public Deposits Act.”B\n\nThe General Assembly intends by this chapter to establish a single body of law applicable to the pledge of collateral for public deposits in financial institutions so that the procedure for securing public deposits may be uniform throughout the Commonwealth.C\n\nAll public deposits in qualified public depositories that are required to be secured by other provisions of law or by a public depositor shall be secured pursuant to this chapter. Public depositors are required to secure their deposits pursuant to several applicable provisions of law, including but not limited to §§ 2.2-1813, 2.2-1815, 8.01-582, 8.01-600, 15.2-1512.1, 15.2-1615, 15.2-2625, 15.2-6611, 15.2-6637, 58.1-3149, 58.1-3150, 58.1-3154, and 58.1-3158.D\n\nThis chapter, however, shall not apply to deposits made by the State Treasurer in out-of-state financial institutions related to master custody and tri-party repurchase agreements, provided that (i) such deposits do not exceed 10 percent of average monthly investment balances and (ii) the out-of-state financial institutions used for this purpose have received at least one of the following short-term deposit ratings: (a) not less than A-1 by Standard & Poor’s; (b) not less than P-1 by Moody’s Investors Service, Inc.; or (c) not less than F1 by Fitch Ratings, Inc.","order_by":null,"text":{"0":{"id":232805,"text":"This chapter may be cited as the “Virginia Security for Public Deposits Act.”","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":232806,"text":"The General Assembly intends by this chapter to establish a single body of law applicable to the pledge of collateral for public deposits in financial institutions so that the procedure for securing public deposits may be uniform throughout the Commonwealth.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":232807,"text":"All public deposits in qualified public depositories that are required to be secured by other provisions of law or by a public depositor shall be secured pursuant to this chapter. Public depositors are required to secure their deposits pursuant to several applicable provisions of law, including but not limited to §§ 2.2-1813, 2.2-1815, 8.01-582, 8.01-600, 15.2-1512.1, 15.2-1615, 15.2-2625, 15.2-6611, 15.2-6637, 58.1-3149, 58.1-3150, 58.1-3154, and 58.1-3158.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":232808,"text":"This chapter, however, shall not apply to deposits made by the State Treasurer in out-of-state financial institutions related to master custody and tri-party repurchase agreements, provided that (i) such deposits do not exceed 10 percent of average monthly investment balances and (ii) the out-of-state financial institutions used for this purpose have received at least one of the following short-term deposit ratings: (a) not less than A-1 by Standard & Poor’s; (b) not less than P-1 by Moody’s Investors Service, Inc.; or (c) not less than F1 by Fitch Ratings, Inc.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13096,"edition_id":1,"name":"Virginia Security for Public Deposits Act","identifier":"44","label":"chapter","depth":4,"order_by":1,"parent_id":12751,"metadata":{},"date_created":"2026-06-26 03:44:17","date_modified":"2026-06-26 03:44:17","permalink":{"id":177455,"object_type":"structure","relational_id":13096,"identifier":"44","token":"2.2\/II\/B\/44","url":"\/2.2\/II\/B\/44\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12751,"edition_id":1,"name":"Transaction of Public Business","identifier":"B","label":"part","depth":3,"order_by":1,"parent_id":12750,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176445,"object_type":"structure","relational_id":12751,"identifier":"B","token":"2.2\/II\/B","url":"\/2.2\/II\/B\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12750,"edition_id":1,"name":"Administration of State Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176253,"object_type":"structure","relational_id":12750,"identifier":"II","token":"2.2\/II","url":"\/2.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63923,"structure_id":13096,"section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","url":"\/2.2-4400\/","token":"2.2\/II\/B\/44\/2.2-4400","metadata":false},{"id":63362,"structure_id":13096,"section_number":"2.2-4401","catch_line":"Definitions","url":"\/2.2-4401\/","token":"2.2\/II\/B\/44\/2.2-4401","metadata":false},{"id":54139,"structure_id":13096,"section_number":"2.2-4402","catch_line":"Collateral for public deposits","url":"\/2.2-4402\/","token":"2.2\/II\/B\/44\/2.2-4402","metadata":false},{"id":81935,"structure_id":13096,"section_number":"2.2-4403","catch_line":"Procedure for payment of losses by pooled method","url":"\/2.2-4403\/","token":"2.2\/II\/B\/44\/2.2-4403","metadata":false},{"id":69042,"structure_id":13096,"section_number":"2.2-4404","catch_line":"Procedure for payment of losses by dedicated method","url":"\/2.2-4404\/","token":"2.2\/II\/B\/44\/2.2-4404","metadata":false},{"id":72652,"structure_id":13096,"section_number":"2.2-4405","catch_line":"Powers of Treasury Board relating to the administration of this chapter","url":"\/2.2-4405\/","token":"2.2\/II\/B\/44\/2.2-4405","metadata":false},{"id":56567,"structure_id":13096,"section_number":"2.2-4406","catch_line":"Subrogation of Treasury Board to depositor's rights; payment of sums received from distribution of assets","url":"\/2.2-4406\/","token":"2.2\/II\/B\/44\/2.2-4406","metadata":false},{"id":60400,"structure_id":13096,"section_number":"2.2-4407","catch_line":"Mandatory deposit of public funds in qualified public depositories","url":"\/2.2-4407\/","token":"2.2\/II\/B\/44\/2.2-4407","metadata":false},{"id":66458,"structure_id":13096,"section_number":"2.2-4408","catch_line":"Authority to make public deposits","url":"\/2.2-4408\/","token":"2.2\/II\/B\/44\/2.2-4408","metadata":false},{"id":58988,"structure_id":13096,"section_number":"2.2-4409","catch_line":"Authority to secure public deposits; acceptance of liabilities and duties by public depositories","url":"\/2.2-4409\/","token":"2.2\/II\/B\/44\/2.2-4409","metadata":false},{"id":63178,"structure_id":13096,"section_number":"2.2-4410","catch_line":"Liability of public depositors","url":"\/2.2-4410\/","token":"2.2\/II\/B\/44\/2.2-4410","metadata":false},{"id":86132,"structure_id":13096,"section_number":"2.2-4411","catch_line":"Reports of qualified public depositories","url":"\/2.2-4411\/","token":"2.2\/II\/B\/44\/2.2-4411","metadata":false}],"next_section":{"id":63362,"structure_id":13096,"section_number":"2.2-4401","catch_line":"Definitions","url":"\/2.2-4401\/","token":"2.2\/II\/B\/44\/2.2-4401","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4400\/","history_text":"

This law was first created in 1973. The record of its establishment is cataloged in chapter 172 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1973 \u201cActs\u201d aren\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1984, chapter 135; in 2000, chapters 335<\/a> and 352<\/a>; in 2001, chapter 844<\/a>; in 2010, chapters 640<\/a> and 674<\/a>; in 2020, chapter 333<\/a>.<\/p>","references":[{"id":54736,"section_number":"15.2-1512.1","catch_line":"Disposition of property received by subdivisions as result of conversion of mutual insurance company to stock corporation","order_by":null,"url":"\/15.2-1512.1\/"},{"id":57459,"section_number":"15.2-1615","catch_line":"Sheriff to deposit funds, keep account of receipts and disbursements, keep books open for inspection","order_by":null,"url":"\/15.2-1615\/"},{"id":82735,"section_number":"15.2-2625","catch_line":"Deposit of funds; security; investment of funds","order_by":null,"url":"\/15.2-2625\/"},{"id":59685,"section_number":"15.2-6611","catch_line":"Deposit and investment of funds","order_by":null,"url":"\/15.2-6611\/"},{"id":59157,"section_number":"15.2-6637","catch_line":"Deposit and investment of funds","order_by":null,"url":"\/15.2-6637\/"},{"id":56303,"section_number":"15.2-7213","catch_line":"Deposit and investment of funds","order_by":null,"url":"\/15.2-7213\/"},{"id":71358,"section_number":"15.2-7411","catch_line":"Deposit and investment of funds","order_by":null,"url":"\/15.2-7411\/"},{"id":80420,"section_number":"2.2-1815","catch_line":"Security to be given by depositories holding state funds","order_by":null,"url":"\/2.2-1815\/"},{"id":82247,"section_number":"2.2-2416","catch_line":"Powers and duties of Treasury Board","order_by":null,"url":"\/2.2-2416\/"},{"id":82739,"section_number":"2.2-4327","catch_line":"Preference for community reinvestment activities in contracts for investment of funds","order_by":null,"url":"\/2.2-4327\/"},{"id":66499,"section_number":"2.2-4518","catch_line":"Investment of funds in deposits","order_by":null,"url":"\/2.2-4518\/"},{"id":80554,"section_number":"21-137.1","catch_line":"Payment of interest on and maintenance of sinking fund for term bonds; tax levy; what constitutes \"term bonds\" and \"serial bonds.\"","order_by":null,"url":"\/21-137.1\/"},{"id":55364,"section_number":"22.1-100.1","catch_line":"Lottery proceeds nonrecurring costs escrow accounts","order_by":null,"url":"\/22.1-100.1\/"},{"id":80615,"section_number":"22.1-175.5","catch_line":"Capital School Projects Fund","order_by":null,"url":"\/22.1-175.5\/"},{"id":65904,"section_number":"23.1-1015","catch_line":"Covered institutions; operational authority; financial operations; power to issue bonds, notes, or other obligations","order_by":null,"url":"\/23.1-1015\/"},{"id":65639,"section_number":"36-55.49","catch_line":"Notes and bonds as legal investments","order_by":null,"url":"\/36-55.49\/"},{"id":75463,"section_number":"45.2-2105","catch_line":" Establishment of the Consortium","order_by":null,"url":"\/45.2-2105\/"},{"id":65141,"section_number":"54.1-1119","catch_line":"Assessments by Director; assignment to Fund; minimum balance; notice; penalties; costs of administration","order_by":null,"url":"\/54.1-1119\/"},{"id":65698,"section_number":"54.1-2113","catch_line":"Establishment and maintenance of fund, duty of Director, assessments of regulants","order_by":null,"url":"\/54.1-2113\/"},{"id":78911,"section_number":"54.1-2354.5","catch_line":"Common Interest Community Management Recovery Fund","order_by":null,"url":"\/54.1-2354.5\/"},{"id":54105,"section_number":"58.1-3150","catch_line":"Duties of depository officers","order_by":null,"url":"\/58.1-3150\/"},{"id":84063,"section_number":"58.1-3154","catch_line":"Selection and approval of depositories","order_by":null,"url":"\/58.1-3154\/"},{"id":71229,"section_number":"58.1-3158","catch_line":"Duties of treasurers","order_by":null,"url":"\/58.1-3158\/"},{"id":70648,"section_number":"58.1-3177","catch_line":"Duties of the clerk; deposit of funds; investment of funds; failure to pay out","order_by":null,"url":"\/58.1-3177\/"},{"id":63701,"section_number":"8.01-582","catch_line":"Appointment of general receivers; their duties; audit of funds","order_by":null,"url":"\/8.01-582\/"},{"id":85240,"section_number":"8.01-600","catch_line":"How money under control of court deposited; record kept; liability of clerk","order_by":null,"url":"\/8.01-600\/"}],"refers_to":[{"id":54736,"section_number":"15.2-1512.1","catch_line":"Disposition of property received by subdivisions as result of conversion of mutual insurance company to stock corporation","order_by":null,"url":"\/15.2-1512.1\/"},{"id":57459,"section_number":"15.2-1615","catch_line":"Sheriff to deposit funds, keep account of receipts and disbursements, keep books open for inspection","order_by":null,"url":"\/15.2-1615\/"},{"id":82735,"section_number":"15.2-2625","catch_line":"Deposit of funds; security; investment of funds","order_by":null,"url":"\/15.2-2625\/"},{"id":59685,"section_number":"15.2-6611","catch_line":"Deposit and investment of funds","order_by":null,"url":"\/15.2-6611\/"},{"id":59157,"section_number":"15.2-6637","catch_line":"Deposit and investment of funds","order_by":null,"url":"\/15.2-6637\/"},{"id":83685,"section_number":"2.2-1813","catch_line":"Deposits in banks and savings institutions designated as state depositories","order_by":null,"url":"\/2.2-1813\/"},{"id":80420,"section_number":"2.2-1815","catch_line":"Security to be given by depositories holding state funds","order_by":null,"url":"\/2.2-1815\/"},{"id":61681,"section_number":"58.1-3149","catch_line":"Money received to be deposited","order_by":null,"url":"\/58.1-3149\/"},{"id":54105,"section_number":"58.1-3150","catch_line":"Duties of depository officers","order_by":null,"url":"\/58.1-3150\/"},{"id":84063,"section_number":"58.1-3154","catch_line":"Selection and approval of depositories","order_by":null,"url":"\/58.1-3154\/"},{"id":63701,"section_number":"8.01-582","catch_line":"Appointment of general receivers; their duties; audit of funds","order_by":null,"url":"\/8.01-582\/"},{"id":85240,"section_number":"8.01-600","catch_line":"How money under control of court deposited; record kept; liability of clerk","order_by":null,"url":"\/8.01-600\/"}],"permalink":{"id":177457,"object_type":"law","relational_id":63923,"identifier":"2.2-4400","token":"2.2\/II\/B\/44\/2.2-4400","url":"\/2.2-4400\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4400\/","token":"2.2\/II\/B\/44\/2.2-4400","dublin_core":{"Title":"Short title; declaration of intent; applicability","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4400","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> This chapter may be cited as the “Virginia Security for Public Deposits<\/span> Act.” <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The General Assembly intends by this chapter to establish a single body of law<\/span> applicable to the pledge of collateral<\/span> for public deposits<\/span> in financial institutions so that the procedure for securing public deposits<\/span> may be uniform throughout the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> All public deposits<\/span> in qualified public depositories that are required to be secured by other provisions of law<\/span> or by a public depositor<\/span> shall be secured pursuant to this chapter. Public depositors<\/span> are required to secure their deposits pursuant to several applicable provisions of law<\/span>, including but not limited to §§ 2.2-1813<\/a>, 2.2-1815<\/a>, 8.01-582<\/a>, 8.01-600<\/a>, 15.2-1512.1<\/a>, 15.2-1615<\/a>, 15.2-2625<\/a>, 15.2-6611<\/a>, 15.2-6637<\/a>, 58.1-3149<\/a>, 58.1-3150<\/a>, 58.1-3154<\/a>, and 58.1-3158<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> This chapter, however, shall not apply to deposits made by the State Treasurer in out-of-state financial institutions related to master custody<\/span> and tri-party<\/span> repurchase agreements, provided that (i) such deposits do not exceed 10 percent of average monthly investment balances and (ii) the out-of-state financial institutions used for this purpose have received at least one of the following short-term deposit ratings: (a) not less than A-1 by Standard & Poor’s; (b) not less than P-1 by Moody’s Investors Service, Inc.; or (c) not less than F1 by Fitch Ratings, Inc. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSHORT TITLE; DECLARATION OF INTENT; APPLICABILITY (\u00a7 2.2-4400)\n\nA. This chapter may be cited as the “Virginia Security for Public Deposits\nAct.”\n\nB. The General Assembly intends by this chapter to establish a single body of\nlaw applicable to the pledge of collateral for public deposits in financial\ninstitutions so that the procedure for securing public deposits may be uniform\nthroughout the Commonwealth.\n\nC. All public deposits in qualified public depositories that are required to be\nsecured by other provisions of law or by a public depositor shall be secured\npursuant to this chapter. Public depositors are required to secure their\ndeposits pursuant to several applicable provisions of law, including but not\nlimited to §§ 2.2-1813, 2.2-1815, 8.01-582, 8.01-600, 15.2-1512.1,\n15.2-1615, 15.2-2625, 15.2-6611, 15.2-6637, 58.1-3149, 58.1-3150, 58.1-3154, and\n58.1-3158.\n\nD. This chapter, however, shall not apply to deposits made by the State\nTreasurer in out-of-state financial institutions related to master custody and\ntri-party repurchase agreements, provided that (i) such deposits do not exceed\n10 percent of average monthly investment balances and (ii) the out-of-state\nfinancial institutions used for this purpose have received at least one of the\nfollowing short-term deposit ratings: (a) not less than A-1 by Standard &\nPoor’s; (b) not less than P-1 by Moody’s Investors Service, Inc.; or\n(c) not less than F1 by Fitch Ratings, Inc.\n\nHISTORY: 1973, c. 172, \u00a7\u00a7 2.1-359, 2.1-361; 1984, c. 135; 2000, cc. 335, 352;\n2001, c. 844; 2010, cc. 640, 674; 2020, c. 333.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}