§322.  Possession or control of securities pledged and securities acquired through repurchase agreements

Any security pledged for any deposit of state funds or acquired through repurchase agreements, whether in the hands of the state depositing authority or held in safekeeping or trust by any bank or trust company, including any Federal Reserve Bank or any Federal Home Loan Bank or its successor, shall be deemed to be under the control or in the possession of such state depositing authority and deemed to be held in its name by such bank, trust company, Federal Home Loan Bank or its successor, or Federal Reserve Bank, or agent for such depositing authority.  Any security pledged shall be delivered into the custody of such state depositing authority if, as, and when demanded.  A pledge of security shall be considered a perfected security interest of the state depositing authority by the depository or the safekeeping or trust department of any bank or trust company in possession of the security and shall be binding upon the depository, the safekeeping or trust department of any bank or trust company, its successors, receivers, or assigns.  However, securities acquired through repurchase agreements shall be delivered upon demand.  

Acts 1988, No. 916, §1; Acts 1990, No. 919, §1.