77-2316 County funds; depositories; bond required; approval; conditions. - Nebraska Statutes

77-2316. County funds; depositories; bond required; approval; conditions.For the security of the funds so deposited under the provisions of sections 77-2312 to 77-2324, the county treasurer shall require all such depositories to give bonds for the safekeeping and payment of such deposits and the accretions thereof, except as otherwise provided in sections 77-2312 to 77-2364 for time deposits. The bond shall run to the people of the county, and be approved by the county board and conditioned that the depository shall, at the end of each and every month, render to the treasurer and county board a statement in duplicate, showing the several daily balances and the amounts of money of the county held by it during the month, and how credited; and for the payment of the deposits, when demanded by the county treasurer on his check at any time, as hereinbefore provided, and generally do and perform whatever may be required by the provisions of this article, and a faithful discharge of the trust reposed in such depository. SourceLaws 1891, c. 50, § 8, p. 352; Laws 1897, c. 23, § 5, p. 191; Laws 1903, c. 110, § 2, p. 585; Laws 1909, c. 35, § 1, p. 216; R.S.1913, § 6662; C.S.1922, § 6193; Laws 1925, c. 96, § 1, p. 279; Laws 1927, c. 34, § 2, p. 156; Laws 1929, c. 36, § 1, p. 151; C.S.1929, § 77-2508; Laws 1935, c. 152, § 4, p. 563; Laws 1939, c. 103, § 3, p. 464; C.S.Supp.,1941, § 77-2508; R.S.1943, § 77-2316; Laws 1961, c. 392, § 2, p. 1190. Annotations1. Constitutionality2. Designation of depository3. Liability of treasurer4. Miscellaneous1. ConstitutionalityAct is constitutional so far as it relates to deposit of county funds. State ex rel. First Nat. Bank of O'Neill v. Cronin, 72 Neb. 642, 101 N.W. 327 (1904).2. Designation of depositoryFunds deposited in a bank designated as a depository are not trust funds, but are a deposit otherwise secured. State ex rel. Sorensen v. South Omaha State Bank, 128 Neb. 733, 260 N.W. 278 (1935).Treasurer is not authorized to deposit money in a bank not designated as a depository. State ex rel. Sorensen v. Bank of Otoe, 125 Neb. 414, 250 N.W. 547 (1933).Board's control extends only to approval or rejection of bonds. State ex rel. Irrigators Bank v. Whipple, 60 Neb. 650, 83 N.W. 921 (1900).3. Liability of treasurerCounty treasurer cannot deposit county funds in bank unless it has been duly authorized as depository and given bond, and county treasurer and surety are liable for loss of county funds deposited in excess of bank's bond. Massachusetts Bonding & Ins. Co. v. Steele, 125 Neb. 7, 248 N.W. 648 (1933).Powers and duties of county treasurer with reference to depositing of public funds are limited. Dovey v. State, 116 Neb. 533, 218 N.W. 390 (1928).Treasurer is liable on bond for profits unaccounted for. Furnas County v. Evans, 90 Neb. 37, 132 N.W. 723 (1911).In absence of bad faith, county treasurer is not liable for depositing more than bank's pro rata share. Holt County v. Cronin, 79 Neb. 424, 112 N.W. 561 (1907).4. MiscellaneousSection is not applicable to cities of second class. Luikart v. City of Aurora, 125 Neb. 263, 249 N.W. 590 (1933).A bond given to secure public funds in a bank by a county treasurer expires with the term of such official and does not apply to deposits made by the new treasurer. State ex rel. Spillman v. Dunbar State Bank, 119 Neb. 335, 228 N.W. 868 (1930).