State Treasurer To Be Custodian of Securities

Section 402. State Treasurer To Be Custodian of Securities.--The Insurance Commissioner shall, upon receipt of any deposit made under this act, immediately place the same with the State Treasurer, whose duty it shall be to receive and hold the same, in the name of the Commonwealth, in trust for the purposes for which such deposit is made. The State Treasurer shall at all times be responsible for their custody and safekeeping. The company, association, or exchange making the deposit shall be entitled, from time to time, to demand and receive from the State Treasurer, on the written order of the Insurance Commissioner, the whole or any portion of any securities so deposited, upon depositing with him, in lieu thereof, other securities of at least equal value; and also to demand, receive, sue for, and recover the interest and income from said securities, from the payee or obligee thereof, as the same becomes due and payable.