§ 5-8A-31 — Subrogation of Federal Deposit Insurance Corporation

Alabama § 5-8A-31

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 8A: Liquidation of Banks
• Art. 2: Insolvent Banks

Text

Whenever any bank shall have been closed as provided under the laws of this state, and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or liquidator of such closed bank, shall be subrogated to all rights against such closed bank of the owners of such deposits in the same manner and to the same extent as subrogation of the corporation is now or may be hereafter provided for by federal law in the case of the closing of a national bank; provided, that the rights of depositors and other creditors of such closed bank shall be determined in accordance with the applicable provisions of the laws of this state.

Legislative History

(Acts 1980, No. 80-658, §5-8-31.)