Liability of State Treasurer on default or insolvency of

public depository. When public deposits are made in accordance with the Security for Public Deposits Act, the State Treasurer shall not be liable for any loss resulting from the default or insolvency of a public depository in the absence of negligence, malfeasance, misfeasance or nonfeasance on the part of the State Treasurer. Added by Laws 1987, c. 194, § 11, operative July 1, 1987.