Florida Statutes § 280.07 — Mutual responsibility and contingent liability.
Search Florida StatutesFrom the Legislature's 2026 edition, which includes changes effective through January 1, 2027. Later effective dates are retained in each section's source notes.
(1) A bank, savings bank, or savings association that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused by the default or insolvency of other banks, savings banks, or savings associations that are designated as qualified public depositories.
(2) A credit union that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused by the default or insolvency of other credit unions that are designated as qualified public depositories.
Each qualified public depository shall execute a form prescribed by the Chief Financial Officer for such guarantee which must be approved by the board of directors and must become an official record of the institution.
History
History.—s. 3, ch. 81-285; s. 12, ch. 87-409; s. 15, ch. 98-409; s. 8, ch. 2001-230; s. 296, ch. 2003-261; s. 75, ch. 2024-140.
Source captured on 2026-10-10. Read the official chapter.