31-3709. LIABILITY OF DEPOSITORY OR BOARD MEMBER OR OFFICER. No bank or trust company accepting such deposits shall have any duty or obligation whatsoever as to the disposition of any funds so deposited by either said board or any member, officer or agent thereof, or by the person designated to check against the same, nor be liable in any respect for the misappropriation, misapplication or wrongful use or disposal thereof by such board or any officer, member or agent thereof, or by any person designated to check against the same, and neither the board nor any member, officer or agent thereof shall be liable either personally or on any bond for the nonpayment by any bank or trust company of funds deposited with it pursuant to and in conformity with the provisions of this act.
History:
[31-3709, added 1935, ch. 125, sec. 6, p. 293.]