2009 Iowa Code
Title 13 - Commerce
Subtitle 2 - Financial Institutions
CHAPTER 524 - BANKS
524.705 - BONDS OF OFFICERS AND EMPLOYEES.

        524.705  BONDS OF OFFICERS AND EMPLOYEES.
         The officers and employees of a state bank having the care,
      custody, or control of any funds or securities for any state bank
      shall give a good and sufficient bond in a company authorized to do
      business in this state indemnifying the state bank against losses,
      which may be incurred by reason of any act or acts of fraud,
      dishonesty, forgery, theft, larceny, embezzlement, wrongful
      abstraction, misapplication, misappropriation, or other unlawful act
      committed by such officer or employee directly or through connivance
      with others, until all of the officer's or employee's accounts with
      the state bank are fully settled and satisfied.  The amounts and
      sureties are subject to the approval of the board of directors.  The
      superintendent may require higher amounts as deemed necessary.  If
      the agent of a bonding company issuing a bond under this section is
      an officer or employee of the state bank upon which the bond was
      issued, the bond so issued shall contain a provision that the bonding
      company shall not use, either as a grounds for rescission or as a
      defense to liability under the terms and conditions of the bond, the
      knowledge that the agent was so employed, whether or not the agent
      received any part of the premium for the bond as a commission.  

         Section History: Early Form

         [C97, § 1845; C24, 27, § 9169; C31, 35, § 9169, 9217-c3; C39, §
      9169, 9217.3; C46, 50, 54, 58, 62, 66, § 526.12, 528.3; C71, 73,
      75, 77, 79, 81, § 524.705] 

         Section History: Recent Form

         95 Acts, ch 148, §73