Fla. Stat. 280.07
Mutual responsibility and contingent liability

(1)

A bank, savings bank, or savings association that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused by the default or insolvency of other banks, savings banks, or savings associations that are designated as qualified public depositories.

(2)

A credit union that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused by the default or insolvency of other credit unions that are designated as qualified public depositories.

Source: Section 280.07 — Mutual responsibility and contingent liability, https://www.flsenate.gov/Laws/Statutes/2024/0280.07 (accessed Aug. 7, 2025).

280.01
Short title 280.02
Definitions 280.03
Public deposits to be secured 280.04
Collateral for public deposits 280.05
Powers and duties of the Chief Financial Officer 280.06
Penalty for violation of law, rule, or order to cease and desist or other lawful order 280.07
Mutual responsibility and contingent liability 280.08
Procedure for payment of losses 280.09
Public Deposits Trust Fund 280.10
Effect of merger, acquisition, or consolidation 280.11
Withdrawal from public deposits program 280.13
Eligible collateral 280.16
Requirements of qualified public depositories 280.17
Requirements for public depositors 280.18
Protection of public depositors 280.19
Rules 280.025
Attestation required 280.041
Collateral arrangements 280.042
Credit union designations as qualified public depositories 280.051
Grounds for suspension or disqualification of a qualified public depository 280.052
Order of suspension or disqualification 280.053
Period of suspension or disqualification 280.054
Administrative penalty in lieu of suspension or disqualification 280.055
Cease and desist order 280.085
Notice to claimants

Current through Fall 2025

§ 280.07. Mut. responsibility & contingent liability's source at flsenate.gov

Stay Connected

Join thousands of people who receive monthly site updates.

Get Legal Help

The Florida Bar runs a service for finding an attorney in good standing. Initial consultations are usually free or discounted: Lawyer Referral Service

Committed to Public Service

We will always provide free access to the current law. In addition, we provide special support for non-profit, educational, and government users. Through social entrepreneurship, we’re lowering the cost of legal services and increasing citizen access.

Navigate

California:	Codes
Colorado:	C.R.S.
Florida:	Statutes
Nevada:	NRS
New York:	Laws
Oregon:	OAR, ORS
Texas:	Statutes
World:	Rome Statute, International Dictionary

Location: https://florida.public.law/statutes/fla._stat._280.07

Original Source: Section 280.07 — Mutual responsibility and contingent liability, https://www.flsenate.gov/Laws/Statutes/2024/0280.07 (last accessed Aug. 6, 2025).