South Carolina § 31-3-560 - Protection of deposits.
Full text of South Carolina South Carolina Code of Laws § 31-3-560 — Protection of deposits., with citation guidance and answers to common questions.
§ 31-3-560. Protection of deposits.
In order to protect funds deposited by an authority, all banks, bankers, trust companies or other persons carrying on a banking business, organized under the laws of the State, may give to the authority an undertaking with such sureties as shall be approved by the authority faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest thereon or, in lieu of such sureties, to deposit with the authority as collateral such securities and in such amounts as may be agreed upon with the authority pursuant to a collateral deposit agreement in form and terms satisfactory to the authority. The collateral to be deposited shall consist of securities in which savings banks may legally invest funds within their control.
HISTORY: 1962 Code SECTION 36-137; 1952 Code SECTION 36-137; 1942 Code SECTION 5271-53; 1934 (38) 1368.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 31-3-560
What does South Carolina Code of Laws § 31-3-560 cover?
Section 31-3-560 ("Protection of deposits.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. 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 South Carolina § 31-3-560?
A common citation format is "South Carolina Code of Laws § 31-3-560" (South Carolina). 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 South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 31-3-560 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina 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 South Carolina.