Section 16552 Of Article 3. Custody Of Securities From California Government Code >> Division 4. >> Title 2. >> Part 2. >> Chapter 4. >> Article 3.

. The Treasurer shall take from the qualified trust company or from any federal reserve bank or any branch thereof a receipt for any securities received by it under this article. Neither the Treasurer nor the state is responsible for the custody and safe return of such securities until they are withdrawn from the qualified trust company or from any federal reserve bank or any branch thereof by the Treasurer.