Washington § 39.58.085 - Demand accounts in out-of-state and alien banks — Limitations.

Full text of Washington Revised Code of Washington § 39.58.085 — Demand accounts in out-of-state and alien banks — Limitations., with citation guidance and answers to common questions.

§ 39.58.085. Demand accounts in out-of-state and alien banks — Limitations.

(1)(a) The commission, or the chair upon delegation by the commission, may authorize state and local governmental entities to establish demand accounts in out-of-state and alien banks in an aggregate amount not to exceed one million dollars. No single governmental entity shall be authorized to hold more than fifty thousand dollars in one demand account.
(b) The governmental entities establishing such demand accounts shall be solely responsible for their proper and prudent management and shall bear total responsibility for any losses incurred by such accounts. Accounts established under the provisions of this section shall not be considered insured by the commission.
(c) The state auditor shall annually monitor compliance with this section and the financial status of such demand accounts.
(2) Subsection (1)(a) of this section does not apply to RCW 39.58.080 (2) and (3).
[ 2016 sp.s. c 2 s 2; 2005 c 203 s 2; 1996 c 256 s 9; 1987 c 505 s 21; 1986 c 160 s 2.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 39.58.085

What does Revised Code of Washington § 39.58.085 cover?

Section 39.58.085 ("Demand accounts in out-of-state and alien banks — Limitations.") is part of the Revised Code of Washington, the codified statutory law of Washington. 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 Washington § 39.58.085?

A common citation format is "Revised Code of Washington § 39.58.085" (Washington). 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 Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 39.58.085 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

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