Section 5-5A-28

Pledge of assets.

Any bank is authorized to pledge acceptable assets as security for deposits of trust funds deposited by its trust department and of public funds, heretofore or hereafter made, by the state or any political subdivision of the state or any agency or other governmental instrumentality of such subdivision, including any county, municipal corporation, county, city or other public board of education, including any custodian or treasurer of county, city or other public school funds, any improvement authority heretofore or hereafter incorporated under Chapter 7 of Title 39 or any public corporation, including each board, authority or district heretofore or hereafter organized or created in this state pursuant to authorization or determination by any municipality or municipalities or by any county or counties or the governing body of any one or more thereof. The word "deposits," as used in this section, means deposits of all kinds, including, without limiting the generality of the foregoing, deposits in savings accounts, deposits in checking accounts, deposits in special trust funds, demand deposits, special deposits, time deposits on which interest is to be paid and deposits for which a bank has issued its certificates of deposit.

(Acts 1980, No. 80-658, p. 1259, §5-5-28; Acts 1988, No. 88-260, p. 401.)