Virginia § 15.2-5345 - Security for funds deposited by authorities; deposit in certain savings accounts, etc., authorized
Full text of Virginia Code of Virginia § 15.2-5345 — Security for funds deposited by authorities; deposit in certain savings accounts, etc., authorized, with citation guidance and answers to common questions.
§ 15.2-5345. Security for funds deposited by authorities; deposit in certain savings accounts, etc., authorized
The authority may by resolution provide that all moneys deposited by it shall be secured:
1. By obligations of the United States or of the Commonwealth of a market value equal at all times to the amount of such deposits;
2. By any securities in which trustees, guardians, executors, administrators and others acting in a fiduciary capacity may legally invest funds within their control; or
3. By 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.
All banks and trust companies are authorized to give any such security for such deposits.
Deposit of such funds in savings accounts and certificates of savings institutions which are under state supervision and of federal associations organized under the laws of the United States and under federal supervision, is hereby authorized, provided that such institution's deposits are insured by the Federal Deposit Insurance Corporation or other federal insurance agency.
Code 1950, § 32-260; 1976, c. 281, § 15.1-1580; 1979, c. 719; 1990, c. 3; 1997, c. 587.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 15.2-5345
What does Code of Virginia § 15.2-5345 cover?
Section 15.2-5345 ("Security for funds deposited by authorities; deposit in certain savings accounts, etc., authorized") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 15.2-5345?
A common citation format is "Code of Virginia § 15.2-5345" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 15.2-5345 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.