362.515. Special deposits--nature--use. - Missouri Statutes

Special deposits--nature--use.

362.515. During the period of sixty days next following thetaking charge of any such bank or trust company as authorized bylaw, deposits may be received from the customers of said bank, ortrust company and others as special deposits, or trust funds, andpaid out on the check of such depositors drawn against theirrespective balances; but no part of the funds deposited duringsaid period of sixty days shall be an asset of any such bank, ortrust company doing a banking business, within the meaning of thebanking laws of this state; nor shall any part of such funds sodeposited be loaned by any such bank or trust company except uponUnited States government bonds, or other securities of thegovernment of the United States, or upon the bonds of the stateof Missouri, as collateral, allowing a safe margin to meetfluctuations in the market price of such bonds and securities.

(RSMo 1939 § 8007)