9-1302. Subrogation upon payment by insurer of deposits.
9-1302
9-1302. Subrogation upon payment by insurer of deposits.
When the federal deposit insurance corporation or its successor or other
insurer insuring the deposits of any bank shall pay, or
make available for payment, the insured deposit liabilities of any bank the
insurance company shall be and become
subrogated to the extent of its payments, by operation of law, to all
rights of each owner of a claim for deposit against such closed bank to the
extent now or hereafter necessary to enable the
federal deposit insurance corporation, or its successor or such other
insurer, under law to make insurance payments available to depositors of
closed insured banks.
History: L. 1947, ch. 102, § 60; L. 1975, ch. 45, § 4;
L. 1989, ch. 48, § 39; July 1.