Washington § 48.16.070 - Depositaries — Designation.

Full text of Washington Revised Code of Washington § 48.16.070 — Depositaries — Designation., with citation guidance and answers to common questions.

§ 48.16.070. Depositaries — Designation.

The commissioner may designate any solvent trust company or other solvent financial institution having trust powers as the commissioner's depositary to receive and hold any deposit of securities. Any deposit so held shall be at the expense of the insurer. Any solvent financial institution having trust powers, the deposits of which are insured by the Federal Deposit Insurance Corporation, may be designated as the commissioner's depositary to receive and hold any deposit of funds. All funds deposited shall be fully insured by the Federal Deposit Insurance Corporation. For purposes of this section, "solvent financial institution" means any national or state-chartered commercial bank or trust company, savings bank, or savings association, or branch or branches thereof, having trust powers located in this state and lawfully engaged in business.
[ 1998 c 25 s 1; 1985 c 264 s 6; 1955 c 86 s 8; 1947 c 79 s .16.07; Rem. Supp. 1947 s 45.16.07.]

Notes

Effective date—Supervision of transfer—1955 c 86: See notes following RCW 48.05.080.

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Frequently Asked Questions About Washington § 48.16.070

What does Revised Code of Washington § 48.16.070 cover?

Section 48.16.070 ("Depositaries — Designation.") 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 § 48.16.070?

A common citation format is "Revised Code of Washington § 48.16.070" (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 § 48.16.070 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.

Sources & Verification

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