§412:2-404  Federal insurer as conservator
or receiver; subrogation.  (a)  A federal insurer of the Hawaii financial
institution's deposits or accounts who serves as a conservator or receiver
shall acquire both legal and equitable title to all assets, rights or claims
and to all real or personal property of the institution, to the extent
necessary to perform such duties or as may be necessary under applicable
federal law to effectuate such appointment.



(b)  If a federal insurer pays or makes
available for payment its insurance proceeds to the depositors of an
institution under conservatorship or receivership, the federal insurer shall be
subrogated to the rights of such depositors, whether or not the federal insurer
has become conservator or receiver thereof, in the same manner and to the same
extent as it would be subrogated in the conservatorship or receivership of a
federal financial institution insured by such federal insurer. [L 1993, c 350,
pt of §1]