A depositor's guaranty fund is a fund created by law in many states for the purpose of securing to bank depositors the full repayment of their deposits in case of the insolvency of any of the banks existing under the laws of the state. Accumulated by an assessment on each bank of a certain per cent of its average daily deposits, and under the control of a state banking board. 219 U. S. 109. As used and defined in the New York Banking Law, "the term 'guaranty fund' means a fund created by a mutual non-stock corporation from its earnings or from con- tributions, which is not available for the payment of expenses, so long as such cor- poration has any undivided profits, or for the payment of dividends, and against which losses upon its investments, whether result- ing from the depreciation in the value of its securities or otherwise, may be charged, without encroaching upon its undivided profits or net earnings, until such guaranty fund is exhausted." GUARANTY INSURANCE: See