{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4401.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4401.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4401.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4401.html"}],"law_id":63362,"edition_id":1,"section_id":63362,"structure_id":13096,"section_number":"2.2-4401","catch_line":"Definitions","history":"1973, c. 172, \u00a7 2.1-360; 1984, c. 135; 1987, c. 718; 1996, c. 77; 1998, cc. 20, 21; 2001, c. 844; 2008, c. 7; 2010, cc. 640, 674.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Dedicated method” or “opt-out method” means the securing of public deposits without accepting the contingent liability for the losses of public deposits of other qualified public depositories, pursuant to \u00a7 2.2-4404 and regulations and guidelines promulgated by the Treasury Board.\n\t\t“Defaulting depository” means any qualified public depository determined to be in default or insolvent.\n\t\t“Default or insolvency” includes, but shall not be limited to, the failure or refusal of any qualified public depository to return any public deposit upon demand or at maturity and the issuance of an order of supervisory authority restraining such depository from making payments of deposit liabilities or the appointment of a receiver for such depository.\n\t\t“Eligible collateral” means securities or instruments authorized as legal investments under the laws of the Commonwealth for public sinking funds or other public funds as well as Federal Home Loan Bank letters of credit issued in accordance with guidelines promulgated by the Treasury Board.\n\t\t“Located in Virginia” means having a main office or branch office in the Commonwealth where deposits are accepted, checks are paid, and money is lent.\n\t\t“Pooled method” means securing public deposits by accepting the contingent liability for the losses of public deposits of other qualified public depositories choosing this method, pursuant to \u00a7 2.2-4403 and regulations and guidelines promulgated by the Treasury Board.\n\t\t“Public deposit” means moneys held by a public depositor who is charged with the duty to receive or administer such moneys and is acting in an official capacity, such moneys being deposited in any of the following types of accounts: nonnegotiable time deposits, demand deposits, savings deposits, or any other transaction accounts.\n\t\t“Public depositor” means the Commonwealth or any county, city, town or other political subdivision thereof, including any commission, institution, committee, board, or officer of the foregoing and any state court.\n\t\t“Qualified escrow agent” means the State Treasurer or any bank or trust company approved by the Treasury Board to hold collateral pledged to secure public deposits.\n\t\t“Qualified public depository” means any national banking association, federal savings and loan association or federal savings bank located in Virginia, any bank, trust company or savings institution organized under Virginia law, or any state bank or savings institution organized under the laws of another state located in Virginia authorized by the Treasury Board to hold public deposits according to this chapter.\n\t\t“Required collateral” of a qualified public depository means the amount of eligible collateral required to secure public deposits set by regulations or an action of the Treasury Board.\n\t\t“Treasury Board” means the Treasury Board of the Commonwealth created by \u00a7 2.2-2415.","order_by":null,"text":{"0":{"id":230893,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Dedicated method” or “opt-out method” means the securing of public deposits without accepting the contingent liability for the losses of public deposits of other qualified public depositories, pursuant to \u00a7 2.2-4404 and regulations and guidelines promulgated by the Treasury Board.\n\t\t“Defaulting depository” means any qualified public depository determined to be in default or insolvent.\n\t\t“Default or insolvency” includes, but shall not be limited to, the failure or refusal of any qualified public depository to return any public deposit upon demand or at maturity and the issuance of an order of supervisory authority restraining such depository from making payments of deposit liabilities or the appointment of a receiver for such depository.\n\t\t“Eligible collateral” means securities or instruments authorized as legal investments under the laws of the Commonwealth for public sinking funds or other public funds as well as Federal Home Loan Bank letters of credit issued in accordance with guidelines promulgated by the Treasury Board.\n\t\t“Located in Virginia” means having a main office or branch office in the Commonwealth where deposits are accepted, checks are paid, and money is lent.\n\t\t“Pooled method” means securing public deposits by accepting the contingent liability for the losses of public deposits of other qualified public depositories choosing this method, pursuant to \u00a7 2.2-4403 and regulations and guidelines promulgated by the Treasury Board.\n\t\t“Public deposit” means moneys held by a public depositor who is charged with the duty to receive or administer such moneys and is acting in an official capacity, such moneys being deposited in any of the following types of accounts: nonnegotiable time deposits, demand deposits, savings deposits, or any other transaction accounts.\n\t\t“Public depositor” means the Commonwealth or any county, city, town or other political subdivision thereof, including any commission, institution, committee, board, or officer of the foregoing and any state court.\n\t\t“Qualified escrow agent” means the State Treasurer or any bank or trust company approved by the Treasury Board to hold collateral pledged to secure public deposits.\n\t\t“Qualified public depository” means any national banking association, federal savings and loan association or federal savings bank located in Virginia, any bank, trust company or savings institution organized under Virginia law, or any state bank or savings institution organized under the laws of another state located in Virginia authorized by the Treasury Board to hold public deposits according to this chapter.\n\t\t“Required collateral” of a qualified public depository means the amount of eligible collateral required to secure public deposits set by regulations or an action of the Treasury Board.\n\t\t“Treasury Board” means the Treasury Board of the Commonwealth created by \u00a7 2.2-2415.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4401\/","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 7 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 1987, chapter 718; in 1996, chapter 77<\/a>; in 1998, chapters 20<\/a> and 21<\/a>; in 2001, chapter 844<\/a>; in 2008, chapter 7<\/a>; in 2010, chapters 640<\/a> and 674<\/a>.<\/p>","references":[{"id":70208,"section_number":"2.2-1814","catch_line":"Amount and time limit of deposits","order_by":null,"url":"\/2.2-1814\/"},{"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":87307,"section_number":"51.1-124.33","catch_line":"Deposit of trust funds not an investment; authorized deposits","order_by":null,"url":"\/51.1-124.33\/"},{"id":54105,"section_number":"58.1-3150","catch_line":"Duties of depository officers","order_by":null,"url":"\/58.1-3150\/"},{"id":71229,"section_number":"58.1-3158","catch_line":"Duties of treasurers","order_by":null,"url":"\/58.1-3158\/"}],"refers_to":[{"id":56392,"section_number":"2.2-2415","catch_line":"Treasury Board membership; chairman; quorum; reimbursement for expenses","order_by":null,"url":"\/2.2-2415\/"},{"id":81935,"section_number":"2.2-4403","catch_line":"Procedure for payment of losses by pooled method","order_by":null,"url":"\/2.2-4403\/"},{"id":69042,"section_number":"2.2-4404","catch_line":"Procedure for payment of losses by dedicated method","order_by":null,"url":"\/2.2-4404\/"}],"permalink":{"id":177461,"object_type":"law","relational_id":63362,"identifier":"2.2-4401","token":"2.2\/II\/B\/44\/2.2-4401","url":"\/2.2-4401\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4401\/","token":"2.2\/II\/B\/44\/2.2-4401","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4401","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Dedicated method<\/span>” or “opt-out method<\/span>” means the securing of public deposits<\/span> without accepting the contingent liability for the losses of public deposits<\/span> of other qualified public depositories, pursuant to \u00a7 2.2-4404<\/a> and regulations and guidelines promulgated by the Treasury Board<\/span>.\n\t\t“Defaulting depository<\/span>” means any qualified public depository<\/span> determined to be in default<\/span> or insolvent.\n\t\t“Default<\/span> or insolvency” includes, but shall not be limited to, the failure or refusal of any qualified public depository<\/span> to return any public deposit<\/span> upon demand or at maturity and the issuance of an order<\/span> of supervisory authority restraining such depository from making payments of deposit liabilities or the appointment of a receiver for such depository.\n\t\t“Eligible collateral<\/span>” means securities or instruments authorized as legal investments under the laws<\/span> of the Commonwealth for public sinking funds or other public funds as well as Federal Home Loan Bank letters of credit issued in accordance with guidelines promulgated by the Treasury Board<\/span>.\n\t\t“Located in Virginia<\/span>” means having a main office or branch office in the Commonwealth where deposits are accepted, checks are paid, and money is lent.\n\t\t“Pooled method<\/span>” means securing public deposits<\/span> by accepting the contingent liability for the losses of public deposits<\/span> of other qualified public depositories choosing this method, pursuant to \u00a7 2.2-4403<\/a> and regulations and guidelines promulgated by the Treasury Board<\/span>.\n\t\t“Public deposit<\/span>” means moneys held by a public depositor<\/span> who is charged with the duty to receive or administer such moneys and is acting in an official capacity, such moneys being deposited in any of the following types of accounts: nonnegotiable time deposits, demand deposits, savings deposits, or any other transaction accounts.\n\t\t“Public depositor<\/span>” means the Commonwealth or any county, city, town or other political subdivision thereof, including any commission, institution, committee, board, or officer of the foregoing and any state court<\/span>.\n\t\t“Qualified escrow agent<\/span>” means the State Treasurer or any bank or trust company approved by the Treasury Board<\/span> to hold collateral pledged to secure public deposits<\/span>.\n\t\t“Qualified public depository<\/span>” means any national banking association, federal savings and loan association or federal savings bank located in Virginia<\/span>, any bank, trust company or savings institution organized under Virginia law<\/span>, or any state bank or savings institution organized under the laws<\/span> of another state located in Virginia<\/span> authorized by the Treasury Board<\/span> to hold public deposits<\/span> according to this chapter.\n\t\t“Required collateral<\/span>” of a qualified public depository<\/span> means the amount of eligible collateral<\/span> required to secure public deposits<\/span> set by regulations or an action of the Treasury Board<\/span>.\n\t\t“Treasury Board<\/span>” means the Treasury Board<\/span> of the Commonwealth created by \u00a7 2.2-2415<\/a>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 2.2-4401)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Dedicated method” or “opt-out method” means the\nsecuring of public deposits without accepting the contingent liability for the\nlosses of public deposits of other qualified public depositories, pursuant to \u00a7\n2.2-4404 and regulations and guidelines promulgated by the Treasury Board.\n\t\t“Defaulting depository” means any qualified public depository\ndetermined to be in default or insolvent.\n\t\t“Default or insolvency” includes, but shall not be limited to, the\nfailure or refusal of any qualified public depository to return any public\ndeposit upon demand or at maturity and the issuance of an order of supervisory\nauthority restraining such depository from making payments of deposit\nliabilities or the appointment of a receiver for such depository.\n\t\t“Eligible collateral” means securities or instruments authorized\nas legal investments under the laws of the Commonwealth for public sinking funds\nor other public funds as well as Federal Home Loan Bank letters of credit issued\nin accordance with guidelines promulgated by the Treasury Board.\n\t\t“Located in Virginia” means having a main office or branch office\nin the Commonwealth where deposits are accepted, checks are paid, and money is\nlent.\n\t\t“Pooled method” means securing public deposits by accepting the\ncontingent liability for the losses of public deposits of other qualified public\ndepositories choosing this method, pursuant to \u00a7 2.2-4403 and regulations and\nguidelines promulgated by the Treasury Board.\n\t\t“Public deposit” means moneys held by a public depositor who is\ncharged with the duty to receive or administer such moneys and is acting in an\nofficial capacity, such moneys being deposited in any of the following types of\naccounts: nonnegotiable time deposits, demand deposits, savings deposits, or any\nother transaction accounts.\n\t\t“Public depositor” means the Commonwealth or any county, city,\ntown or other political subdivision thereof, including any commission,\ninstitution, committee, board, or officer of the foregoing and any state court.\n\t\t“Qualified escrow agent” means the State Treasurer or any bank or\ntrust company approved by the Treasury Board to hold collateral pledged to\nsecure public deposits.\n\t\t“Qualified public depository” means any national banking\nassociation, federal savings and loan association or federal savings bank\nlocated in Virginia, any bank, trust company or savings institution organized\nunder Virginia law, or any state bank or savings institution organized under the\nlaws of another state located in Virginia authorized by the Treasury Board to\nhold public deposits according to this chapter.\n\t\t“Required collateral” of a qualified public depository means the\namount of eligible collateral required to secure public deposits set by\nregulations or an action of the Treasury Board.\n\t\t“Treasury Board” means the Treasury Board of the Commonwealth\ncreated by \u00a7 2.2-2415.\n\nHISTORY: 1973, c. 172, \u00a7 2.1-360; 1984, c. 135; 1987, c. 718; 1996, c. 77;\n1998, cc. 20, 21; 2001, c. 844; 2008, c. 7; 2010, cc. 640, 674.","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}}