Whenever any bank shall have been closed as provided under the laws of this state, and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or liquidator of such closed bank, shall be subrogated to all rights against such closed bank of the owners of such deposits in the same manner and to the same extent as subrogation of the corporation is now or may be hereafter provided for by federal law in the case of the closing of a national bank; provided, that the rights of depositors and other creditors of such closed bank shall be determined in accordance with the applicable provisions of the laws of this state.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 8A - Liquidation of Banks.
Section 5-8A-21 - Liquidation of Bank by Superintendent Without Assent of Banking Board.
Section 5-8A-22 - Institution of Civil Action for Vacation of Charter, Liquidation, etc., of Bank.
Section 5-8A-24 - Appointment of Receiver to Liquidate Bank.
Section 5-8A-25 - Passage of Title to Assets, etc., of Banking Institution to Receiver.
Section 5-8A-26 - Use of Bank Examiner's Reports as Evidence in Liquidation Proceedings, Etc.
Section 5-8A-28 - Creation of Liens Against Bank After Possession by Superintendent.
Section 5-8A-29 - Resumption of Business of Bank.
Section 5-8A-30 - Collection of Claims of Bank, Etc.
Section 5-8A-31 - Subrogation of Federal Deposit Insurance Corporation.
Section 5-8A-32 - Sale, etc., of Bad Debts and Property of Bank.
Section 5-8A-33 - Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank.
Section 5-8A-34 - Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank.
Section 5-8A-35 - Assumption or Rejection of Executory Contracts by Receiver.
Section 5-8A-37 - Payment of Compensation.
Section 5-8A-38 - Deposit of Funds Collected by Receiver.
Section 5-8A-39 - Notice for and Filing of Claims Against Bank.
Section 5-8A-40 - Preferred Claims.
Section 5-8A-41 - Inventory of Assets of Bank; Filing List of Claims.
Section 5-8A-42 - Objections to Claims; Unproven or Unclaimed Deposits.
Section 5-8A-43 - Rejection of Claims.
Section 5-8A-44 - Actions Upon Rejected Claims; Late Claims.
Section 5-8A-45 - Payment of Dividends to Creditors.
Section 5-8A-46 - Final Distribution, Termination of Receivership and Dissolution of Bank.