SECTION 735:20-1-12. Valuation of collateral

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The pledgor bank or the safekeeping bank is required to provide the public entity with a market valuation of the pledged collateral on at least a quarterly basis. Collateral for which a market valuation is not readily determinable will be considered unacceptable collateral for securing public entity deposits. However, if such collateral is pledged to a public entity, the security interest in the collateral will still be valid. If unacceptable collateral is pledged, the remedy shall be for the Pledgor Bank to immediately substitute acceptable collateral as soon as the collateral is discovered to be unacceptable.

[Source: Added at 18 Ok Reg 2857, eff 7-1-01]

                    
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