A bank may pledge its assets to:

1. A. enable it to act as agent for the sale of obligations of the United States;
2. B. secure borrowed funds; or
3. C. secure deposits when the depositor is required to obtain such security by the laws of the United States, the terms of any interstate compact or by the laws of any state.

History: 1953 Comp., § 48-22-29, enacted by Laws 1963, ch. 305, § 29.

ANNOTATIONS

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 419 to 422.

Power of bank to pledge assets to secure general depositors, 65 A.L.R. 1412, 87 A.L.R. 1456, 101 A.L.R. 515, 112 A.L.R. 483.

9 C.J.S. Banks and Banking § 243.