SURETIES. 1209

ARTICLE 90.

SURETIES.

	Counter Security. 9-9A. Collateral security in lieu of surety bond; sale of collateral	Completion of Collections of Sheriffs and Collectors of Taxes. 10-13. Repealed.

Counter Security.

8.

In the case of a continuing bond given to protect state deposits, a surety has
the right to be relieved from liability on notifying the state treasurer to that
effect, who shall thereupon withdraw the deposits unless bank furnishes new
bond. Banking Co. v. Fid. & Dep. Co., 165 Md. 657.

An. Code, 1924, sec. 9. 1912. sec. SA. 1916, ch. 115. 1933 (Special Sess.), ch. 110.

1935, ch. 492.

9. When the surety or sureties on the bond of any bank or trust com-
pany used as a depository for the funds of the State Treasurer shall notify
the Governor and the State Treasurer of their or its desire to be relieved
from further liability as such surety, as provided in the preceding section
of this article, or when any new bond shall be given by any bank or trust
company, that may be used as a depository for the funds of the State by
the State Treasurer, it shall be lawful for the State Treasurer to receive
from such bank or trust company, its bond, conditioned, as provided by law,
and, as surety collateral to the said bond, instead of the surety heretofore
provided by law, registered public stock and/or bonds of the United States
or of the State of Maryland or of Baltimore City or the bonds of any
county or municipal corporation of this State, or of the Home Owners'
Loan Corporation, a corporation created by an Act of the Congress of the
United States, approved June 13, 1933, which shall be approved by the
State Treasurer to the amount, in value, of the penalty of the bond, and
said amount shall be at all times maintained by said bank or trust com-
pany; which stock and/or bonds must be registered in the name of said
Treasurer, officially, as held in trust under and pursuant to this section
and the same shall be held by said Treasurer in trust to secure the per-
formance of the conditions of the said bond; provided, however, said
Treasurer may, in his discretion, accept as surety collateral any of said
stock and/or bonds in unregistered form upon such conditions as he may
prescribe with respect thereto. Any such bank or trust company that may
heretofore have given the bond, as heretofore provided by law, may at any
time secure the cancellation of said bond and the substitution of a bond with