# Fla. Stat. § 280.07: 280.07 Mutual responsibility and contingent liability

> Florida · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.07

## Section

- **Citation:** Fla. Stat. § 280.07
- **Heading:** 280.07 Mutual responsibility and contingent liability
- **Jurisdiction:** Florida
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Florida Code / Title XIX / Chapter 280 / Section 280.07

## Text

(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.

Each qualified public depository shall execute a form prescribed by the Chief Financial Officer for such guarantee which must be approved by the board of directors and must become an official record of the institution.

History: s. 3, ch. 81-285; s. 12, ch. 87-409; s. 15, ch. 98-409; s. 8, ch. 2001-230; s. 296, ch. 2003-261; s. 75, ch. 2024-140.

## Nearby sections

- [Fla. Stat. § 280.01 280.01 Short title.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.01.md)
- [Fla. Stat. § 280.02 280.02 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.02.md)
- [Fla. Stat. § 280.03 280.03 Public deposits to be secured; prohibitions; exemptions.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.03.md)
- [Fla. Stat. § 280.04 280.04 Collateral for public deposits; general provisions.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.04.md)
- [Fla. Stat. § 280.05 280.05 Powers and duties of the Chief Financial Officer.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.05.md)
- [Fla. Stat. § 280.06 280.06 Penalty for violation of law, rule, or order to cease and desist or other lawful order.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.06.md)
- [Fla. Stat. § 280.07 280.07 Mutual responsibility and contingent liability.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.07.md)
- [Fla. Stat. § 280.08 280.08 Procedure for payment of losses.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.08.md)
- [Fla. Stat. § 280.09 280.09 Public Deposits Trust Fund.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.09.md)
- [Fla. Stat. § 280.10 280.10 Effect of merger, acquisition, or consolidation; change of name or address.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.10.md)
- [Fla. Stat. § 280.11 280.11 Withdrawal from public deposits program; return of pledged collateral.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.11.md)
- [Fla. Stat. § 280.13 280.13 Eligible collateral.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.13.md)
- [Fla. Stat. § 280.16 280.16 Requirements of qualified public depositories; confidentiality.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.16.md)
- [Fla. Stat. § 280.17 280.17 Requirements for public depositors; notice to public depositors and governmental units; loss of protection.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.17.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_FL_TXIX_C280_S280.07. Check the current official text before relying on it. Not legal advice.