Depository Liability
A public official is liable for public funds which he/she deposits in a bank and cannot pay over because of insolvency or failure of the bank. In many states, statutes provide for the designation of depositories for public funds and for the furnishing of collateral security by such depositories. Such laws, if interpreted strictly, usually exempt the public official and his/her surety from liability for loss through failure of any of the designated and qualified depositories.
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