Montana Attorney General Opinion 17-11

Opinion No. 11. Bonds-Baby Bonds, Legal Collateral. HELD: Baby bonds of the U. S. Government not being negotiable or transferable, cannot be used as col- lateral security for county funds de- posited in banks, within the meaning of Section 4767 R. C. M. 1921. January 4, 1937. Honorable Harvey Thormber County Commissioner Hamilton, Montana. Dear Sir: You have asked my opinion as to whether baby bonds are legal collateral as security for funds of the county de- posited in banks. Altho baby bonds might be classed as "Bonds and securities of the United States Government." within the mean- ing of Section 4767 R. C. M. 1921, since they are not negotiable or trans- ferable, it is my opinion that they could not be used as collateral security for county funds deposited in banks.