12C.24 Liability.
When public deposits are made in accordance with this chapter in a financial institution that is eligible to accept public funds deposits at the time a deposit of public funds is made, a public body depositing public funds, and any person that is an agent, employee, officer, or board member of the public funds depositor, is exempt from liability for any loss resulting from the loss of public funds in the absence of negligence, malfeasance, misfeasance, or nonfeasance on the part of the public body or such person.
85 Acts, ch 194, §7
CS85, §453.24
C93, §12C.24
2002 Acts, ch 1096, §10, 17
Referred to in §12C.1
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 12C - DEPOSIT OF PUBLIC FUNDS
Section 12C.1 - Deposits in general — definitions.
Section 12C.2 - Approval — requirements.
Section 12C.4 - Location of depositories.
Section 12C.5 - Refusal of deposits — procedure.
Section 12C.6 - Interest rate — committee — notice.
Section 12C.6A - Eligibility for state public funds — procedures.
Section 12C.7 - Interest — where credited.
Section 12C.8 - Liability of public officers.
Section 12C.9 - Investment of sinking funds — bond proceeds.
Section 12C.10 - Investment of funds created by election.
Section 12C.11 - Investment officer.
Section 12C.12 - Service charge by depository.
Section 12C.13 - Deposit not membership.
Section 12C.14 - School bonds and earnings.
Section 12C.15 - Restriction on requiring collateral.
Section 12C.16 - Security for deposit of public funds.
Section 12C.17 - Deposit of securities.
Section 12C.18 - Condition of security.
Section 12C.19 - Withdrawals, exchanges of security.
Section 12C.20 - Public funds reports.
Section 12C.21 - Required collateral — banks.
Section 12C.22 - Required collateral — banks.
Section 12C.23 - Payment of losses in a credit union.
Section 12C.23A - Payment of losses in a bank.
Section 12C.25 - State sinking funds created.
Section 12C.26 - Refund from sinking funds.
Section 12C.27 - Failure to maintain required collateral.
Section 12C.28 - Electronic reporting.
Section 12C.29 - Authority of superintendent to issue orders.