P.R. Laws tit. 7, § 251g
2019-02-20 00:00:00+00
The Secretary shall be the depositary and custodian of the collaterals that secure the deposits of public funds. However, he may contract said custody with financial institutions pursuant to the requirements established by regulations, including the type of security that it shall require.
Notwithstanding the above, a financial institution shall never be the custodian of its own collateral.
History —Aug. 14, 1991, No. 69, § 1.9.