California Legal Codes and Statutes

§ 53658

Amended by Stats. 1970, Ch. 84.

An agent of a depository may hold and pool securities to secure deposits for one or more depositories pursuant to Section 53656, but shall maintain a separate pool for each said depository. Each local agency shall have an undivided security interest in the pooled securities in the proportion that the amount of its deposits bears to the total amount of deposits secured by the pooled securities.

Cite this section

Cal. Gov. Code § 53658 (2026)
https://ca.codecond.com/codes/gov/title-5-local-agencies/division-2-cities-counties-and-other-agencies/part-1-powers-and-duties-common-to-cities-counties-and-other-agencies/chapter-4-financial-affairs/article-2-deposit-of-funds/section-53658

Other sections in Article 2 - Deposit of Funds

§ 53630§ 53630.1§ 53630.5§ 53631§ 53632§ 53632.5§ 53633§ 53634§ 53635§ 53635.2…§ 53676§ 53678§ 53679§ 53679.1§ 53680§ 53681§ 53682§ 53683§ 53684§ 53686

This content is for reference, learning, and study purposes only. All legal text should be verified against the official California Legislative Information website, which is the authoritative source for California law. Data last processed: February 15, 2026.