diff --git a/src/BondDepository.sol b/src/BondDepository.sol
index 66ff7bc..17c1bca 100644
--- a/src/BondDepository.sol
+++ b/src/BondDepository.sol
@@ -166,10 +166,17 @@ contract GhostBondDepository is IBondDepository, NoteKeeper {
             msg.sender != IGhostAuthority(AUTHORITY).policy()
         ) revert NotGuardianOrPolicy();
 
-        if (
-            !ITreasury(TREASURY).registered(ITreasury.STATUS.RESERVETOKEN, _quoteToken) &&
-            !ITreasury(TREASURY).registered(ITreasury.STATUS.LIQUIDITYTOKEN, _quoteToken)
-        ) revert NonPermissionedToken();
+        {
+            bool isReserve =
+                ITreasury(TREASURY).registered(ITreasury.STATUS.RESERVETOKEN, _quoteToken) &&
+                ITreasury(TREASURY).permissioned(ITreasury.STATUS.RESERVETOKEN, _quoteToken);
+
+            bool isLiquidity =
+                ITreasury(TREASURY).registered(ITreasury.STATUS.LIQUIDITYTOKEN, _quoteToken) &&
+                ITreasury(TREASURY).permissioned(ITreasury.STATUS.LIQUIDITYTOKEN, _quoteToken);
+
+            if (!isReserve && !isLiquidity) revert NonPermissionedToken();
+        }
 
         uint256 secondsToConclusion = _terms[1] - block.timestamp;
         uint256 decimals = IERC20Metadata(_quoteToken).decimals();