32-2-1104. Subrogation of corporation. Whenever any savings institution has been closed as provided in 32-2-1103 and the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of the closed savings institution, the federal deposit and insurance corporation, whether or not it has been appointed agent of the department in the liquidation of the closed savings institution, must be and become subrogated by operation of law to all rights against the closed savings institution 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 savings institutions.
History: En. Sec. 120, Ch. 431, L. 2021.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 2. Mutual Savings and Loan Associations
Part 11. Federal Deposit Insurance Corporation
32-2-1101. Definition of savings institution
32-2-1102. Savings institutions empowered to receive federal deposit insurance corporation aid
32-2-1103. Appointment of corporation as agent in liquidation
32-2-1104. Subrogation of corporation
32-2-1105. Examinations by corporation
32-2-1106. Closed savings institutions empowered to borrow from corporation