{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4402.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4402.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4402.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4402.html"}],"law_id":54139,"edition_id":1,"section_id":54139,"structure_id":13096,"section_number":"2.2-4402","catch_line":"Collateral for public deposits","history":"1973, c. 172, \u00a7 2.1-362; 2001, c. 844; 2010, cc. 640, 674.","full_text":"Qualified public depositories shall elect to secure deposits by either the pooled method or the dedicated method. Every qualified public depository shall deposit with a qualified escrow agent eligible collateral equal to or in excess of the required collateral. Eligible collateral shall be valued as determined by the Treasury Board. Substitutions and withdrawals of eligible collateral may be made as determined by the Treasury Board.\n\t\tNotwithstanding any other provisions of law, no qualified public depository shall be required to give bond or pledge securities or instruments in the manner herein provided for the purpose of securing deposits received or held in the trust department of the depository and that are secured as required by \u00a7 6.2-1005 of the Code of Virginia or that are secured pursuant to Title 12, \u00a7 92a of the United States Code by securities of the classes prescribed by \u00a7 6.2-1005 of the Code of Virginia.\n\t\tNo qualified public depository shall accept or retain any public deposit that is required to be secured unless it has deposited eligible collateral equal to its required collateral with a qualified escrow agent pursuant to this chapter.","order_by":null,"text":{"0":{"id":198719,"text":"Qualified public depositories shall elect to secure deposits by either the pooled method or the dedicated method. Every qualified public depository shall deposit with a qualified escrow agent eligible collateral equal to or in excess of the required collateral. Eligible collateral shall be valued as determined by the Treasury Board. Substitutions and withdrawals of eligible collateral may be made as determined by the Treasury Board.\n\t\tNotwithstanding any other provisions of law, no qualified public depository shall be required to give bond or pledge securities or instruments in the manner herein provided for the purpose of securing deposits received or held in the trust department of the depository and that are secured as required by \u00a7 6.2-1005 of the Code of Virginia or that are secured pursuant to Title 12, \u00a7 92a of the United States Code by securities of the classes prescribed by \u00a7 6.2-1005 of the Code of Virginia.\n\t\tNo qualified public depository shall accept or retain any public deposit that is required to be secured unless it has deposited eligible collateral equal to its required collateral with a qualified escrow agent pursuant to this chapter.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4402\/","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 2 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 2001, chapter 844<\/a>; in 2010, chapters 640<\/a> and 674<\/a>.<\/p>","references":false,"refers_to":[{"id":86464,"section_number":"6.2-1005","catch_line":"Deposit or other use of trust funds","order_by":null,"url":"\/6.2-1005\/"}],"permalink":{"id":177465,"object_type":"law","relational_id":54139,"identifier":"2.2-4402","token":"2.2\/II\/B\/44\/2.2-4402","url":"\/2.2-4402\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4402\/","token":"2.2\/II\/B\/44\/2.2-4402","dublin_core":{"Title":"Collateral for public deposits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4402","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Qualified public depositories shall elect to secure deposits by either the pooled method<\/span> or the dedicated method<\/span>. Every qualified public depository<\/span> shall deposit with a qualified escrow agent<\/span> eligible collateral<\/span> equal to or in excess of the required collateral<\/span>. Eligible collateral<\/span> shall be valued as determined by the Treasury Board<\/span>. Substitutions and withdrawals of eligible collateral<\/span> may be made as determined by the Treasury Board<\/span>.\n\t\tNotwithstanding any other provisions of law<\/span>, no qualified public depository<\/span> shall be required to give bond<\/span> or pledge securities or instruments in the manner herein provided for the purpose of securing deposits received or held in the trust department of the depository and that are secured as required by \u00a7 6.2-1005<\/a> of the Code of Virginia or that are secured pursuant to Title 12, \u00a7 92a of the United States Code by securities of the classes prescribed by \u00a7 6.2-1005<\/a> of the Code of Virginia.\n\t\tNo qualified public depository<\/span> shall accept or retain any public deposit<\/span> that is required to be secured unless it has deposited eligible collateral<\/span> equal to its required collateral<\/span> with a qualified escrow agent<\/span> pursuant to this chapter.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOLLATERAL FOR PUBLIC DEPOSITS (\u00a7 2.2-4402)\n\nQualified public depositories shall elect to secure deposits by either the\npooled method or the dedicated method. Every qualified public depository shall\ndeposit with a qualified escrow agent eligible collateral equal to or in excess\nof the required collateral. Eligible collateral shall be valued as determined by\nthe Treasury Board. Substitutions and withdrawals of eligible collateral may be\nmade as determined by the Treasury Board.\n\t\tNotwithstanding any other provisions of law, no qualified public depository\nshall be required to give bond or pledge securities or instruments in the manner\nherein provided for the purpose of securing deposits received or held in the\ntrust department of the depository and that are secured as required by \u00a7\n6.2-1005 of the Code of Virginia or that are secured pursuant to Title 12, \u00a7\n92a of the United States Code by securities of the classes prescribed by \u00a7\n6.2-1005 of the Code of Virginia.\n\t\tNo qualified public depository shall accept or retain any public deposit that\nis required to be secured unless it has deposited eligible collateral equal to\nits required collateral with a qualified escrow agent pursuant to this chapter.\n\nHISTORY: 1973, c. 172, \u00a7 2.1-362; 2001, c. 844; 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}}