West Virginia Sample Letter for Deposit of Funds
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How to fill out Sample Letter For Deposit Of Funds?
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FAQ
Letters of Administration are given at the time of the appointment that prove authority to handle the affairs of the estate. Appraisement of the Estate & Non-Probate Inventory of the Estate WV Code § 44-1-14: The Appraisement of the Estate forms and instructions are given at the appointment.
The Security for Public Deposits Act is the body of law that governs security for Virginia public deposits held in financial institutions in amounts that exceed federal deposit insurance. The Security for Public Deposits Act is included as Chapter 44 of Title 2.2, Code of Virginia, Sections 2.2-4400 to 2.2-4411.
The West Virginia Security for Public Deposits Act authorizes public deposits made by the state or any political subdivision of the state be held at an approved designated state depository and collateralized per West Virginia Code §12-1B-5 and §12-1B-7.
Collateralization of Public Unit Deposits Depending on applicable state or federal law, public unit deposits may be secured by collateral or assets of the bank. In the event of the failure of the bank, the FDIC will honor the collateralization agreement if the agreement is valid and enforceable under applicable law.
The Multibank Pooled Method of collateralizing public fund deposits allows for contingent liability of proportionate share of losses of uninsured and uncollateralized public fund deposits held by a Designated State Depository in default.
A letter of good standing is requested by completing a GSR-01 form. If you have a MyTaxes account, you may complete this form from your My Taxes account. The form is found under the "I Want To" section.
