{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-72.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-72.6","heading":"Default or insolvency of public depository","body":"\n\nIn the event of a default or insolvency of a public depository,\n\nthe State Treasurer shall implement the following procedures:\n\n1. In cooperation with the State Department of Banking and\n\nother regulatory officials, the State Treasurer shall ascertain the\n\namount of public funds on deposit at the defaulting institution and\n\nthe amount of deposit insurance applicable to such deposit.\n\n2. The potential loss to the state shall be calculated by the\n\nState Treasurer. The loss to the state shall be satisfied, insofar\n\nas possible, first through any applicable deposit insurance and then\n\nthrough the sale of securities pledged, or through the proceeds of\n\ncollateral instruments pledged, by the defaulting depository\n\ninstitution. Such sales shall be conducted by the State Treasurer.\n\n3. The securities, bonds or other forms of collateral shall\n\nbecome forfeited to and become the property of the state. If the\n\nsecurities, bonds or other forms of collateral are valued at less\n\nthan the amount of principal and interest due to the state plus the\n\ncost of the ensuing sale, the securities, bonds and other forms of\n\ncollateral shall be sold by the State Treasurer, and the State\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 state plus the cost of\n\nthe ensuing sale, the securities, bonds and other forms of\n\ncollateral may be sold by the State 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":"f0226b6c126313bf92ce429dcd5649782e7cf3bc2a6f7704c8363c39c64cf3a5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-72.5","next":"us-ok/okla.-stat.-tit.-62-62-72.7"},"notice":"GroundRules: Original legal text. Not legal advice."}