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The state treasurer is designated as the custodian of all negotiable instruments deposited as collateral with the state or any department thereof, and shall be exclusively responsible for their safekeeping.
It is the duty of each department head or other person in the state government, having in possession collateral of the type above mentioned, to turn the same over to the state treasurer and to receive from the state treasurer an itemized receipt therefor. As additional collateral shall come into the hands of the department head or other person, the same procedure shall be followed.
Such collateral submitted to the state treasurer in the form of securities shall be fully registered as to principal and interest in such manner as to identify the state and the appropriate agency or department as holder of such collateral and to also identify the individual or concern placing such collateral.
The state treasurer shall make an annual report to the department head of collateral held on behalf of such department.
The official bond of the state treasurer shall be security for any losses resulting under this section.