Connecticut § 36a-335 (Formerly Sec. 36-388). Subrogation of commissioner to depositor's rights.

Connecticut Statutes

§ 36a-335 — (Formerly Sec. 36-388). Subrogation of commissioner to depositor's rights.

Connecticut § 36a-335

Title 36aThe Banking Law of Connecticut

Ch. 665aDeposits

This text of Connecticut § 36a-335 ((Formerly Sec. 36-388). Subrogation of commissioner to depositor's rights.) is published on Counsel Stack Legal Research, covering Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Conn. Gen. Stat. § 36a-335 (2026).

Text

Upon payment to any public depositor, the commissioner shall be subrogated to all of such depositor's right, title and interest against the depository in which the loss occurred and shall share in any distribution of its assets ratably with other depositors. Any sums received from any distribution shall be paid to the public depositors to the extent of any unpaid net deposit liability. If the commissioner incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the depository in which the loss occurred.

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Upon payment to any public depositor, the commissioner shall be subrogated to all of such depositor's right, title and interest against the depository in which the loss occurred and shall share in any distribution of its assets ratably with other depositors. Any sums received from any distribution shall be paid to the public depositors to the extent of any unpaid net deposit liability. If the commissioner incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the depository in which the loss occurred.

Legislative History

(1967, P.A. 517, S. 7; P.A. 77-614, S. 159, 610; P.A. 91-245, S. 6.) History: P.A. 77-614 replaced references to Public Deposit Protection Commission with references to banking commissioner, effective January 1, 1979; P.A. 91-245 deleted provisions re payments to qualified public depositories against which assessments were made; Sec. 36-388 transferred to Sec. 36a-335 in 1995.