§ 13-4-302 — Federal deposit insurance corporation as receiver, liquidator or subrogee

(a) The state banking commissioner may designate the
federal deposit insurance corporation to act without bond as
receiver or liquidator of any bank whose deposits are insured by
the corporation and which has been closed for the purpose of
liquidation without adequate provision being made for the
payment of its depositors. The corporation may exercise all the
powers of the state banking commissioner in connection with the
liquidation of banks.
(b) If any bank closes and the federal deposit insurance
corporation pays the insured deposit liabilities of the bank,
the corporation is subrogated to all rights against the closed
bank of each owner of a claim for deposit to the extent
necessary to enable the federal deposit insurance corporation,
under federal law, to make insurance payments available to
depositors of closed insured banks. The subrogation is limited
to the amount paid to each depositor by the federal deposit
insurance corporation.