No treasurer is liable for the loss of public money deposited by him in any bank, savings and loan association or credit union qualified to receive it under the provisions of this article due to the failure of the depository to repay the money except in cases where the loss could have been avoided by the exercise of reasonable care on the part of the treasurer.
Nothing in this section shall be construed as relieving from liability any security given by any bank or savings and loan association under the provisions of this article.
History: Laws 1923, ch. 76, § 30; C.S. 1929, § 112-130; 1941 Comp., § 7-247; 1953 Comp., § 11-2-50; Laws 1981, ch. 332, § 16; 1987, ch. 79, § 20.
ANNOTATIONSThe 1987 amendment, effective June 19, 1987, inserted "or credit union" following "savings and loan association" near the middle of the first paragraph, substituted "this article" for "this act" in both places it appears and made minor changes in language throughout the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 63C Am. Jur. 2d Public Officers and Employees § 348.
26A C.J.S. Depositaries § 12(4).