(a) A savings and loan association may:
(1) Act as a depository of funds of:
(i) The federal government and its agencies; and
(ii) This State and any of its political subdivisions;
(2) Pledge collateral to secure deposits; and
(3) Comply with the terms required by the depositor.
(b) Depositors under this section are general creditors under § 9-329 of this title (“Priority of claims”).