§ 5-13-13-3 — Payment of amount determined; subrogation of board; distribution of assets of closed depository

Indiana § 5-13-13-3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 13: INVESTMENT OF PUBLIC FUNDS
• Ch. 13: Payments From the Public Deposit Insurance Fund

Text

(a) Whenever the decision of the attorney
general and state comptroller has become final, or whenever a court of
competent jurisdiction as provided in section 2 of this chapter has
determined the amount payable from the insurance fund on account of
public funds deposited in the closed depository, the board for
depositories shall, subject to IC 5-13-12-8(c), cause the amount to be
paid to the treasurer or public officer out of the insurance fund.
(b) After payment is made under subsection (a), the board, on behalf
of the public deposit insurance fund, is then subrogated to all of the
right, title, and interest of the depositor of the public funds for the
amount of the depository's claim against any federal deposit insurance
agency and against the closed depository. The board is so subrogated
to the extent that the insurance fund has paid the loss not reimbursed
by the insurance. The board is entitled to share in the distribution of the
assets of the closed depository on the basis ratably with other
depositories, but the insurance fund shall be paid in full before any
distribution is made on account of public funds not insured under the
terms of this chapter. The board shall pay any sum or sums received
from any distribution into the insurance fund.

Legislative History

As added by P.L.19-1987, SEC.15. Amended by P.L.9-2024, SEC.144.