(a) When public deposits are made in accordance with this chapter, no public depositor shall be liable for any loss thereof resulting from the default or insolvency of any qualified public depository in the absence of negligence, malfeasance, misfeasance, or nonfeasance on the part of the public depositor, or its agents or employees.
(b) Under no circumstance shall this state, or any state agency or any covered public entity, be liable for all or any portion of any loss resulting from the default or insolvency of a qualified public depository.
Structure Code of Alabama
Chapter 14A - Security for Public Deposits.
Section 41-14A-1 - Short Title.
Section 41-14A-2 - Definitions.
Section 41-14A-3 - Public Deposits to Be Secured; Exemptions.
Section 41-14A-5 - Collateral for Public Deposits; General Provisions.
Section 41-14A-8 - Contingent Liability.
Section 41-14A-9 - Procedures for Payment of Losses.
Section 41-14A-10 - Safe Loss Payment Fund.
Section 41-14A-11 - Liability of Public Depositors and the State.
Section 41-14A-12 - Disposition of Funds.
Section 41-14A-13 - Establishment of Program Enforcement Fund.