Oklahoma § 62-757 - Moneys in escrow or trust account - Investment - Security
Full text of Oklahoma Oklahoma Statutes § 62-757 — Moneys in escrow or trust account - Investment - Security, with citation guidance and answers to common questions.
§ 62-757. Moneys in escrow or trust account - Investment - Security
- Sufficiency.
A. Moneys placed in any escrow or trust account shall not
necessarily be limited to proceeds of refunding bonds but may
include other moneys legally available for that purpose.
B. Any moneys in an escrow or trust account, pending use for
their intended purpose, may be invested or reinvested only in
federal securities.
C. The escrow agent shall continuously secure any moneys placed
in an escrow or trust account and not so invested or reinvested in
federal securities by a pledge of federal securities with a market
value determined on a daily basis at least equal to the total
uninvested moneys held in such escrow or trust account in strict
accordance with the provisions of the escrow agreement. The
requirements of this subsection shall not apply to any said
uninvested moneys insured by the Federal Deposit Insurance
Corporation.
D. Such moneys and investments in the escrow or trust account,
together with the interest or other gain to be derived from any such
investments, shall at all times be at least sufficient to make all
of the payments required to be made pursuant to the escrow agreement
in the manner and at the times specified in the escrow agreement.
The computations made in determining such sufficiency shall be
verified by a certified public accountant. Said computations shall
be certified within five (5) days prior to the delivery of and
payment for the refunded bonds.
Added by Laws 1984, c. 255, § 7, emerg. eff. May 30, 1984.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 62-757
What does Oklahoma Statutes § 62-757 cover?
Section 62-757 ("Moneys in escrow or trust account - Investment - Security") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 62-757?
A common citation format is "Oklahoma Statutes § 62-757" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 62-757 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.