32-1-604. Subrogation of corporation. Whenever any banking institution shall have been closed as aforesaid and said federal deposit insurance corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, said corporation, whether or not it shall have been appointed agent of the department in the liquidation of such closed banking institution, as herein provided, shall be and become subrogated by operation of law to all rights against such closed banking institution of each owner of a claim for deposit to the extent now or hereafter necessary to enable the federal deposit insurance corporation, under federal law, to make insurance payments available to depositors of closed insured banks.
History: En. Sec. 4, Ch. 197, L. 1937; amd. Sec. 170, Ch. 431, L. 1975; R.C.M. 1947, 5-1204.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 1. Banks and Trust Companies
Part 6. Federal Deposit Insurance Corporation
32-1-601. Definition of banking institution
32-1-602. Banking institutions empowered to receive federal deposit insurance corporation aid
32-1-603. Appointment of the corporation as agent in liquidation
32-1-604. Subrogation of corporation
32-1-605. Examinations by the corporation -- accepted when
32-1-606. Closed banking institutions empowered to borrow from corporation