9-1302.   Subrogation upon payment by insurer of deposits.When the federal deposit insurance corporation or its successor or otherinsurer insuring the deposits of any bank shall pay, ormake available for payment, the insured deposit liabilities of any bank theinsurance company shall be and becomesubrogated to the extent of its payments, by operation of law, to allrights of each owner of a claim for deposit against such closed bank to theextent now or hereafter necessary to enable thefederal deposit insurance corporation, or its successor or such otherinsurer, under law to make insurance payments available to depositors ofclosed insured banks.

      History:   L. 1947, ch. 102, § 60; L. 1975, ch. 45, § 4;L. 1989, ch. 48, § 39; July 1.