Florida Statute 658.60 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVIII
BANKS AND BANKING

Chapter 658
BANKS AND TRUST COMPANIES

View Entire Chapter

F.S. 658.60

658.60 Depositories of public moneys and pledge of assets.—

(1) Banks shall be depositories of public moneys; they may also be employed as financial agents of the state and its political subdivisions, and they shall perform such reasonable duties as such depositories and financial agents as may be required of them. Banks so designated shall give satisfactory security for the safekeeping and prompt payment of the public moneys deposited with them and for the faithful performance of their duties as financial agents of the state and its political subdivisions as provided in chapter 280. A bank or trust company may also pledge its assets to:

(a) Enable it to act as agent for the sale of obligations of the United States.

(b) Secure borrowed funds.

(d) Comply with the requirements of any other law.

(2) Notwithstanding any other provision of this section or the provisions of any other law requiring security for deposits of funds in the form of surety bond, in the form of the deposit or pledge of securities, or in any other form, security for such deposits shall not be required to the extent that such deposits are insured under the provisions of the Federal Deposit Insurance Act, as now or hereafter amended. Recognition is accorded to the custom and usage, and its practicality, of the deposit or pledge of securities by banks, as security for deposits, in an aggregate amount which, because of the fluctuation from time to time of the aggregate amount of the deposits secured thereby, may at times be in an amount in excess of the required amount of such security without withdrawing and redepositing securities with each decrease and increase of the aggregate amount of deposits secured thereby. In order to effectuate the provisions of the first sentence of this subsection, whenever the amount of securities deposited or pledged exceeds the amount required for the deposits secured thereby, securities in an amount equal to such excess shall, for all purposes and laws, while such excess exists be, and be treated as, freed and discharged from such deposit and pledge even though not physically withdrawn or removed from such deposit or pledge. However, such excess securities which are not physically withdrawn or removed from deposit or from the pledge thereof shall immediately and automatically, for all purposes and laws, be, and be treated as, redeposited and repledged at such time or times as, and to the extent that, there is an increase in the amount of security required for funds deposited with the bank.

(3) Any notes, bonds, or other securities, other than shares of stock, in which a state bank is authorized by law to invest any of its funds shall be accepted as satisfactory security for the deposit of funds, for the safekeeping and prompt payment of moneys deposited, for the faithful performance of duties as fiscal or financial agent, and for any other purpose for which security is required, whether such moneys so deposited be funds of or under the control of, or the security is required by, the state or any political subdivision thereof or any officer of the state or any political subdivisions thereof or whether the security is required by any other law. The provisions of this subsection shall be cumulative and shall not be subject to the restrictions or the provisions of any other law relating to the type, characteristics, or form of securities acceptable or required in connection with deposits of any public or other funds or the qualification of depositories therefor, or acceptable or required by any law.

History.—s. 2, ch. 28016, 1953; ss. 12, 35, ch. 69-106; ss. 1, 2, ch. 69-185; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 50, 151, 152, ch. 80-260; s. 452, ch. 81-259; s. 9, ch. 81-285; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 131, ch. 92-303; s. 129, ch. 2005-2.

Note.—Former s. 659.24.

F.S. 658.60 on Google Scholar

F.S. 658.60 on Casetext

Amendments to 658.60

Arrestable Offenses / Crimes under Fla. Stat. 658.60

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 658.60.

Annotations, Discussions, Cases:

Cases Citing Statute 658.60

Total Results: 8

J.B., Etc. v. Florida Department of Children and Families

Court: Supreme Court of Florida | Date Filed: 2015-07-09

Citation: 170 So. 3d 780, 40 Fla. L. Weekly Supp. 416, 2015 Fla. LEXIS 1473, 2015 WL 4112321

Snippet: , recused. . In U.S. v. Cronic, 466 U.S. 648, 658-60, 104 S.Ct. 2039, 80 L.Ed.2d 657 (1984), however

State v. Diaz

Court: Supreme Court of Florida | Date Filed: 2003-05-15

Citation: 850 So. 2d 435, 2003 WL 21087992

Snippet: valid traffic stop. Delaware v. Prouse, 440 U.S. at 658-60. It is undisputed that the stop in the instant

Nixon v. Singletary

Court: Supreme Court of Florida | Date Filed: 2000-01-27

Citation: 758 So. 2d 618

Snippet: prejudice; prejudice is presumed. See 446 U.S. at 658-60, 100 S.Ct. 1932. See also State v. Harbison, 315

Ago

Court: Florida Attorney General Reports | Date Filed: 1997-06-30

Snippet: alter their character as public moneys.6 Section 658.60(1), Florida Statutes, provides: "Banks shall be

Ago

Court: Florida Attorney General Reports | Date Filed: 1984-04-03

Snippet: 02, 280.03, 280.04, and 280.05, F.S. See also, s 658.60, F.S. The plain language of s 402.17(2)(b) and

Ago

Court: Florida Attorney General Reports | Date Filed: 1982-08-26

Snippet: as you see it, is based on the provisions in s 658.60, F.S., that provide inter alia, that banks shall

Soverino v. State

Court: Supreme Court of Florida | Date Filed: 1978-02-23

Citation: 356 So. 2d 269

Snippet: particular classes. 82 C.J.S. Statutes § 332, pp. 658-60 (1953). Accordingly, the prosecutor may charge

Van Loon v. Van Loon

Court: Supreme Court of Florida | Date Filed: 1938-05-05

Citation: 182 So. 205, 132 Fla. 535, 1938 Fla. LEXIS 1786

Snippet: U.S. v. Jin Fuey Moy, 241 U.S. 394,36 Sup. Ct. 658, 60 L. Ed. 1061. While the decree awarding alimony