{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1004","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1004","heading":"Deposits of securities with Commissioner","body":"A. Deposit requirement - As pledge for faithful performance.\n\n(1) Before any bank or trust company, including national banking\n\nassociations, shall transact any fiduciary business within this\n\nstate it shall deposit with the Commissioner, as security and as a\n\npledge for the faithful performance of its duties as a trust\n\ncompany, cash or interest-bearing securities, which securities shall\n\nhave a ready market value in an amount regulated by the amount of\n\ncash and securities held in trust by the bank or trust company.\n\n(2) Whenever such cash and securities held in trust amount to\n\nless than One Million Dollars ($1,000,000.00), the deposit shall be\n\nFifty Thousand Dollars ($50,000.00). Whenever such cash and\n\nsecurities held in trust amount to One Million Dollars\n\n($1,000,000.00) but do not exceed Five Million Dollars\n\n($5,000,000.00), the deposit shall be Two Hundred Fifty Thousand\n\nDollars ($250,000.00). Whenever such cash and securities held in\n\ntrust amount to Five Million Dollars ($5,000,000.00) but do not\n\nexceed Ten Million Dollars ($10,000,000.00), the deposit shall be\n\nFour Hundred Thousand Dollars ($400,000.00). Whenever such cash and\n\nsecurities held in trust exceed Ten Million Dollars\n\n($10,000,000.00), the deposit shall be Five Hundred Thousand Dollars\n\n($500,000.00); provided, no trust company not receiving deposits\n\nother than funds held by it in trust shall be required to increase\n\nthe deposit to an amount in excess of its capital. The term \"cash\n\nand securities held in trust\" as employed herein shall not include\n\nlands held in trust as collateral security for monies lent or to be\n\nlent, nor to trust funds registered with the Securities and Exchange\n\nCommission under the Securities Act of 1933, as amended (48 Stat.\n\n74, 15 U.S.C. Section 77 (1933)), and the Securities Exchange Act of\n\n1934, as amended (48 stat. 881, 15 U.S.C. Section 78 (1934)).\n\nB. Securities eligible for deposit. The securities mentioned\n\nin subsection A of this section may be of the following classes and\n\nnot otherwise:\n\n(1) Interest-bearing bonds, notes or obligations of the United\n\nStates, or those for which the faith of the United States is pledged\n\nfor the payment of the principal and interest.\n\n(2) Bonds or other obligations of the State of Oklahoma or any\n\ncounty of this state, or of any incorporated city, town or school or\n\nport district of this state having a population of not less than two\n\nthousand (2,000) inhabitants as shown by the last federal census, or\n\nbonds of any other state of the United States, or any county,\n\nincorporated city, town or school district having a population of\n\nnot less than twenty-five thousand (25,000) inhabitants, as shown by\n\nthe last federal census, provided such bonds were issued in\n\ncompliance with the constitution and laws of such state, and there\n\nhas been no default in payment of either principal or interest on\n\nany of the general obligations of such state, county, incorporated\n\ntown, city or school or port district for a period of five (5) years\n\nnext preceding the date of the deposit, and such bonds are a general\n\nobligation of the state, county, school or port district, city or\n\ntown issuing the same.\n\n(3) Bonds, other than foreign bonds, listed on the New York\n\nStock Exchange, provided the total obligation of any one debtor\n\nshall not exceed twenty percent (20%) of the aggregate deposit.\nor port district for a period of five (5) years\n\nnext preceding the date of the deposit, and such bonds are a general\n\nobligation of the state, county, school or port district, city or\n\ntown issuing the same.\n\n(3) Bonds, other than foreign bonds, listed on the New York\n\nStock Exchange, provided the total obligation of any one debtor\n\nshall not exceed twenty percent (20%) of the aggregate deposit.\n\n(4) Notes or bonds secured by first lien upon improved real\n\nestate in the State of Oklahoma. Such loans may be subsequent to\n\ntaxes not due and bonded indebtedness for public improvements not\n\ndue, but any such obligation, plus taxes not due and bonded\n\nindebtedness for public improvements not due, shall not exceed fifty\n\npercent (50%) of the reasonable market value of such real estate,\n\nexcept as provided in Section 1008 of this Code. There shall be\n\nfiled by the bank or trust company in support of such real estate\n\nobligation such appraisal, evidence of merchantable title and\n\ninsurance as may be required by the Commissioner.\n\nC. Purchase of bond or irrevocable letter of credit in lieu of\n\ndeposit. As an alternative to the deposit and pledge of cash or\n\nsecurities pursuant to the provisions of this section, a bank or\n\ntrust company may purchase a bond or irrevocable letter of credit,\n\nfor the benefit of the Commissioner and any person suffering a loss\n\nby reason of the malfeasance of the bank or trust company (a\n\n\"Claimant\"). The amount of the bond or letter of credit must be not\n\nless than twice the amount of the cash and securities which would\n\notherwise be required to be pledged under paragraph (2) of\n\nsubsection A of this section. The bond or letter of credit must be\n\nsubmitted to and approved by the Commissioner. The bond or letter\n\nof credit may be canceled only after thirty (30) days' prior written\n\nnotice to the Commissioner and only after the bank or trust company\n\nhas made a sufficient deposit of cash or securities under the terms\n\nof this section, or the company has been relieved of its fiduciary\n\npositions by transfer pursuant to the terms of Section 1109 of this\n\ntitle and has relinquished its trust powers pursuant to the\n\nprovisions of Section 1017 of this title. Any bank or trust company\n\nthat does not maintain a bond or letter of credit which complies\n\nwith the terms of this subsection must make a deposit or pledge of\n\nsecurities pursuant to the terms of this section.\n\nD. Primary liability for deposit. The deposit, bond, or letter\n\nof credit required by this section shall be primarily liable for the\n\nmalfeasance of a company as guardian, executor, administrator,\n\nassignee, receiver, trustee under inter vivos trust or trustee under\n\nwill by an appointment of court, or depository of money in court,\n\nand is not liable for any debt or other obligation of the company\n\nuntil such malfeasance liability of the company has been discharged.\n\nE. Right of action against deposit, bond or letter of credit.\n\nAny person who suffers loss or damage because of the breach of any\n\ntrust committed to any bank or trust company shall have a right of\n\naction to recover the amount of such loss or damage from the\n\nprovisions of the bond, letter of credit, or out of the moneys or\n\nsecurities deposited with the Commissioner by the bank or trust\n\ncompany. However, the Commissioner shall not be required to release\n\nto a Claimant any amount deposited with the Commissioner or request\n\npayment of any amount under the terms of the bond or letter of\n\ncredit except at the direction of an unappealable order of a court\n\nof competent jurisdiction issued in favor of the Claimant. If the\n\namount for which the bank or trust company is liable exceeds the\n\namount of the bond or letter of credit or deposit, all Claimants\n\nwill receive a pro rata portion of the total bond or deposit based\n\non the Claimant's percentage of the company's total liability.\nf\n\ncredit except at the direction of an unappealable order of a court\n\nof competent jurisdiction issued in favor of the Claimant. If the\n\namount for which the bank or trust company is liable exceeds the\n\namount of the bond or letter of credit or deposit, all Claimants\n\nwill receive a pro rata portion of the total bond or deposit based\n\non the Claimant's percentage of the company's total liability.\n\nF. Charge for handling securities. The Commissioner may make\n\nsuch charges and assessments for expenses incurred, including\n\ninsurance, and services rendered in connection with deposits of\n\nsecurities as he deems just and reasonable.\n\nG. Appraisal of real estate securing deposit. The Commissioner\n\nmay appraise, or cause to be appraised, or may in lieu of his own\n\nappraisal accept the appraisal of qualified appraisers, every parcel\n\nof real estate securing any note or bond offered for deposit with\n\nthe Commissioner. If the appraisement is made by the Commissioner\n\nhe shall collect from the company offering the mortgages for deposit\n\nhis actual expenses in making the appraisement. If the appraisement\n\nis made by an appraiser selected by the Commissioner he shall\n\ncollect a reasonable fee from the company.\n\nH. Certificates of title, title insurance, or title opinion on\n\nreal estate securing deposit. The Commissioner may accept a\n\ncertificate of title or guaranty of title or title insurance policy\n\nfrom a title insurance company, or the opinion of the attorney who\n\nexamined the title to the property for the trust company offering a\n\nmortgage and note for deposit, or he may require an opinion as to\n\ntitle from the Attorney General.\n\nI. Fire insurance; deposit of documents with notes or bonds.\n\n(1) Fire insurance shall be in effect upon all insurable\n\nproperty for the reasonable value thereof.\n\n(2) All mortgages or deeds of trust and all insurance policies,\n\nabstracts of title (when required by the Commissioners),\n\ncertificates of title, guaranty of title or title insurance policies\n\nand appraisements shall be deposited with the notes or bonds. When\n\nless than the whole of a bond issue is deposited, the Commissioner\n\nshall not require the deposit of the abstract of title, certificate\n\nof title, guaranty of title or title insurance policies and\n\nappraisements, but may require in lieu thereof a certificate from\n\nthe trustee of the mortgage or bond issue that such documents have\n\nbeen deposited with the trustee.\n\nJ. Substitution of deposit securities; income of securities\n\ndeposited.\n\n(1) The Commissioner may require the immediate substitution of\n\nother securities when he has reason to believe that the market value\n\nof securities which have heretofore been deposited have depreciated\n\nbelow their face value. Substitution of securities with the\n\nCommissioner at the request of the depositing bank or trust company\n\nmay be permitted when approved by the Commissioner.\n\n(2) So long as the depositing bank or trust company continues\n\nsolvent it shall be permitted to receive and retain all interest,\n\nincome or dividends from all securities deposited with the\n\nCommissioner.\n\nK. Return of deposit; liability of state.\n\n(1) The State of Oklahoma is liable for the return of any funds\n\nor securities deposited in accordance with this section.\n\n(2) The State of Oklahoma is responsible for the safe return of\n\nsuch securities deposited with the Commissioner under this Code.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0f09b1e0d1cab62d60619c70b273db5ac4bf30f4849bc7f08c0a5c80d69ba2c0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1003","next":"us-ok/okla.-stat.-tit.-6-6-1005"},"notice":"GroundRules: Original legal text. Not legal advice."}