§ 926 — Subrogation of Federal Deposit Insurance Corporation to rights of owners of insured deposits in closed institutions

Whenever a receiver has been appointed by the Court of Chancery for a bank or trust company in this State and the Federal Deposit Insurance Corporation pays or makes available for payment to the receiver the insured deposit liabilities of the closed institution, the Federal Deposit Insurance Corporation shall be subrogated to all the rights against the closed institution of the owners of the insured deposits in the same manner and to the same extent as if the owners had lawfully assigned to the Federal Deposit Insurance Corporation so much or such of their deposits as the Federal Deposit Insurance Corporation has paid or is ready to pay to the receiver.

Legislative History

40 Del. Laws, c. 231, § 1 ; Code 1935, § 2408; 5 Del. C. 1953, § 926