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

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