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.
(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.
Structure Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Section 36a-290. (Formerly Sec. 36-3). - Joint deposit and share accounts.
Section 36a-293. (Formerly Sec. 36-5). - Adverse claim to deposit account or share account.
Section 36a-296. (Formerly Sec. 36-110). - Deposits or share accounts in trust.
Section 36a-297. (Formerly Sec. 36-111). - Deposits or share accounts of minors.
Section 36a-298. (Formerly Sec. 36-106). - Notice of withdrawals.
Section 36a-300. (Formerly Sec. 36-108). - School savings deposits and time deposits.
Section 36a-301. (Formerly Sec. 36-9q). - Tax and loan accounts and note accounts.
Section 36a-303. (Formerly Sec. 36-9o). - Charge for overdraft, when prohibited.
Section 36a-305. (Formerly Sec. 36-9cc). - Regulations re cashing state checks.
Section 36a-307. (Formerly Sec. 36-9dd). - Interest on savings deposit accounts.
Section 36a-308. - Savings promotion raffles.
Section 36a-309. - Basic banking accounts.
Section 36a-315. (Formerly Sec. 36-27a). - Short title: Deposit Account Contract Act.
Section 36a-316. (Formerly Sec. 36-27b). - Definitions.
Section 36a-317. (Formerly Sec. 36-27c). - Prohibited acts of financial institutions.
Section 36a-317a. - Charges for stop payment orders.
Section 36a-317b. - Check cashing. Adequate identification.
Section 36a-319. (Formerly Sec. 36-27e). - Deposit account disclosures. List of charges.
Section 36a-320. (Formerly Sec. 36-27f). - Changes in deposit account charges. Notice.
Section 36a-322. (Formerly Sec. 36-27h). - Enforcement powers of commissioner.
Section 36a-323. (Formerly Sec. 36-27i). - Exceptions. Waivers.
Section 36a-330. (Formerly Sec. 36-382). - Definitions.
Section 36a-331. (Formerly Sec. 36-383). - Protection of public deposits.
Section 36a-332. (Formerly Sec. 36-385). - Powers of commissioner.
Section 36a-333. (Formerly Sec. 36-386). - Collateral requirements.
Section 36a-334. (Formerly Sec. 36-387). - Procedure upon loss.
Section 36a-335. (Formerly Sec. 36-388). - Subrogation of commissioner to depositor's rights.
Section 36a-337. (Formerly Sec. 36-390). - Securing of public deposits.
Section 36a-338. (Formerly Sec. 36-391). - Report of public depository. Maintenance of records.