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HomeGovernment CodeDiv. 4Pt. 2Ch. 4.5Art. 3§ 16627 Treasurer'S Security Deposit Receipts

§ 16627 Treasurer'S Security Deposit Receipts

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 16627 Treasurer'S Security Deposit Receipts

Key Takeaways

  • •The Treasurer must get a receipt when giving securities to a trusted company or bank.
  • •The state is not responsible if something happens to the securities while they are with the trusted company or bank.
  • •The state is only responsible again once the Treasurer takes the securities back.

Example

You give your bike to a friend to keep safe while you're on vacation.

Your friend gives you a note saying they have your bike. If something happens to the bike while your friend has it, it's not your problem until you take the bike back.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 16627 Treasurer'S Security Deposit Receipts

The Treasurer shall take from the qualified trust company or from any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco a receipt for any securities received by it under this article. Neither the Treasurer nor the state is responsible for the custody and safe return of such securities until they are withdrawn from the qualified trust company or from any federal reserve bank or any branch thereof or from the Federal Home Loan Bank of San Francisco by the Treasurer. (Amended by Stats. 2015, Ch. 25, Sec. 28. (SB 84) Effective June 24, 2015.)

Last verified: January 22, 2026

Key Terms

qualified trust companyfederal reserve bankFederal Home Loan Bank of San Franciscoreceiptcustody and safe return

Related Statutes

  • § 16626 Treasurer Security Deposit Authority
  • § 16628 Treasurer'S Securities Disposition Authority
  • § 16629 Trustee Handling Fees
  • § 16625 Qualified Trust Company Definition
  • § 16551 Treasurer Security Deposit Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 16627.
View Official Source