021-7 Wyo. Code R. § 7-2
It shall be the duty and responsibility of the proper public entity treasurer to receive and verify the adequacy of the collateral, with the prior approval of the proper governing board, at such time as the funds are placed upon deposit with the depository financial institution and in such amount as to insure adequacy in the required ratio for the term of the deposit. When it is determined by the municipality that conventional real estate mortgages are to be accepted as security for its deposit of public funds, the following alternatives for evidencing such collateralization may be accepted and conditions relating thereto shall be followed:
(a) Collateral may be held in custody by the trust department of the depository when such trust department is formally organized and established pursuant to the authority of the proper bank regulatory authority, or a trust company chartered by the State of Wyoming, or any third party financial institution (bank or savings and loan association) authorized to hold property in escrow, and provided that the collateral shall include:
(b) In lieu of the above, the collateral may be held by the proper treasurer who shall be responsible as provided by W.S. 9-4-808 in which case the collateral shall contain the following:
(c) Depository institutions having offered and delivered conventional real estate mortgages as collateral for public fund deposits shall identify the copies of notes and mortgages remaining in the institution's files so as to evidence to officers, employees and regulatory examiners that such assets are in fact pledged. All supporting documentation ordinarily contained in the individual real estate files will be retained for review by the examiners.
(d) Collateral held, safekeeping receipts, joint-custody receipts and escrow agreements held by the proper public fund treasurer shall be released by said treasurer promptly upon return of public funds to his (her) custody with copies for both depository institution and the escrow agent or trustee. Any assignment which may have been filed shall likewise be released promptly.
021-7 Wyo. Code R. § 7-2