Arizona § 35-1203 Subrogation of administrator to depositor's rights; distribution of assets; payment

Arizona Statutes

§ 35-1203 — Subrogation of administrator to depositor's rights; distribution of assets; payment

Arizona § 35-1203

Title 35Arizona Revised Statutes

Ch. 10PUBLIC DEPOSITS

Art. 1General Provisions

This text of Arizona § 35-1203 (Subrogation of administrator to depositor's rights; distribution of assets; payment) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 35-1203 (2026).

Text

On payment in full to any public depositor on any claim presented pursuant to this chapter, the administrator shall be subrogated to all of the depositor's rights, title and interest against the depository that is in default or insolvent and shall share in any distribution of the defaulting or insolvent depository's assets ratably with other depositors. The sums received from any distribution shall be paid to the other eligible depositories against which assessments were made, in proportion to those assessments, after any proper payment or expense of the administrator in enforcing the claim is paid.

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On payment in full to any public depositor on any claim presented pursuant to this chapter, the administrator shall be subrogated to all of the depositor's rights, title and interest against the depository that is in default or insolvent and shall share in any distribution of the defaulting or insolvent depository's assets ratably with other depositors. The sums received from any distribution shall be paid to the other eligible depositories against which assessments were made, in proportion to those assessments, after any proper payment or expense of the administrator in enforcing the claim is paid.