{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-517.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-517.6","heading":"Default or insolvency of public depository - Procedures","body":"to be implemented - Sale and forfeiture - Attorney fees.\n\nIn the event of a default or insolvency of a public depository,\n\nthe treasurer of a public entity shall implement the following\n\nprocedures:\n\n1. In cooperation with the State Department of Banking and\n\nother regulatory officials, the treasurer shall ascertain the amount\n\nof public funds on deposit at the defaulting institution and the\n\namount of deposit insurance applicable to such deposit;\n\n2. The potential loss to the public entity shall be calculated\n\nby the treasurer. The loss to the public entity shall be satisfied,\n\ninsofar as possible, first through any applicable deposit insurance\n\nand then through the sale of securities pledged, or through the\n\nproceeds of collateral instruments pledged, by the defaulting\n\ndepository institution. Such sales shall be conducted by the\n\ntreasurer;\n\n3. The securities, bonds or other forms of collateral shall\n\nbecome forfeited to and become the property of the public entity.\n\nIf the securities, bonds or other forms of collateral are valued at\n\nless than the amount of principal and interest due to the public\n\nentity plus the cost of the ensuing sale, the securities, bonds and\n\nother forms of collateral shall be sold by the treasurer, and the\n\ntreasurer shall be entitled to recover from the financial\n\ninstitution such balances with costs and attorney's fees. If the\n\nmarket value of the securities, bonds or other forms of collateral\n\nexceeds the principal and interest due to the public entity plus the\n\ncost of the ensuing sale, the securities, bonds and other forms of\n\ncollateral may be sold by the treasurer and the excess of the\n\nproceeds shall be returned to the pledging financial institution or\n\nits receiver, without further process of law.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c324c01903ba50274b2c668120297d207914ca9cf2d183245b347e1cdb081cc5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-517.5","next":"us-ok/okla.-stat.-tit.-62-62-517.7"},"notice":"GroundRules: Original legal text. Not legal advice."}