362.490. Banks exempt from furnishing security for insured deposits.
Banks exempt from furnishing security for insured deposits.
362.490. Notwithstanding any provision of law of this stateor of any political subdivision thereof requiring security fordeposits in the form of collateral, surety bond or in any otherform, security for such deposits shall not be required to theextent said deposits are insured under the provisions of an actof congress creating and establishing the Federal DepositInsurance Corporation or similar agency created and establishedby the Congress of the United States.
(RSMo 1939 § 8000)