§ 42-116-32. Corporation’s right to subrogation.
(a) Any depositor who receives payments under this chapter is deemed to have assigned to the corporation all rights, claims, and causes of action which he or she may have (1) against any eligible institution, (2) against any officers, directors, employees, or agents of the institution, and (3) against any person who performs or who has performed any financial audit or examination of the institution or who performs or who has performed other professional services for the institution, to the extent and in the full amount of those payments. The corporation may require the execution of a document evidencing and setting forth the terms of the aforesaid assignment, as a condition precedent to his or her receipt of payments under this chapter.
(b) The subrogation rights of the corporation under this section shall have the same priority against the assets of the eligible institution or any of the other persons listed in subsection (a) as that possessed by the depositor entitled to receive payments under this chapter.
(c) Nothing in this section shall be construed:
(1) To extinguish, diminish, abrogate or assign any rights, claims or causes of action which a depositor may have against (i) any eligible institution, (ii) any officers, directors, employees, or agents of the institution, or (iii) any person who performs or who has performed any financial audit or examination of the institution or who performs or who has performed other professional services for the institution, for any losses, of any nature whatsoever, in excess of the amount of the payments received by the depositor from the corporation under this chapter; or
(2) To extinguish, diminish, change, or affect the civil liability or the criminal culpability of (i) any eligible institution, (ii) any officers, directors, employees or agents of any eligible institution, or (iii) any person who performs or who has performed any financial audit or examination of an institution or who performs or who has performed other professional services for an institution.
History of Section.P.L. 1991, ch. 3, § 4.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation
Section 42-116-1. - Short title.
Section 42-116-2. - Legislative findings.
Section 42-116-3. - Definitions.
Section 42-116-5. - General powers of corporation.
Section 42-116-5.1. - Sale of property.
Section 42-116-6. - Additional general powers.
Section 42-116-7. - Assumption of liabilities and distribution.
Section 42-116-10. - Promulgation of regulations.
Section 42-116-11. - Payment of state funds — Agreement between corporation and department.
Section 42-116-12. - Payment of depositor’s claims.
Section 42-116-12.1. - Distribution of funds in individual retirement accounts.
Section 42-116-13. - Bonds of the corporation.
Section 42-116-14. - Refunding bonds.
Section 42-116-15. - Bonds eligible for investment.
Section 42-116-16. - No additional consent required.
Section 42-116-17. - Bonds not obligations of the state.
Section 42-116-18. - Lien status — Recording.
Section 42-116-19. - Investment securities.
Section 42-116-20. - Trust fund.
Section 42-116-21. - Authorization to accept appropriated monies.
Section 42-116-22. - Assistance by state officers, departments, boards and commissions.
Section 42-116-23. - Certain agreements.
Section 42-116-24. - Tax exemption.
Section 42-116-25. - Duration of corporation — Termination.
Section 42-116-25.1. - Defeasance of corporation bonds.
Section 42-116-25.2. - Indemnification.
Section 42-116-26. - Record keeping — Financial statements.
Section 42-116-27. - Inconsistent laws — Supplemental powers.
Section 42-116-28. - Compliance with federal law.
Section 42-116-29. - Inapplicability of certain laws.
Section 42-116-30. - Liability of the corporation.
Section 42-116-31. - Special revenue fund.
Section 42-116-32. - Corporation’s right to subrogation.
Section 42-116-33. - Performance review committee.
Section 42-116-34. - Severability.
Section 42-116-35. - Excess interest forfeiture.
Section 42-116-36. - Recording certain transfer documents.
Section 42-116-37. - Use of funds.
Section 42-116-38. - Depositor’s advisory board.
Section 42-116-39. - Payment of commission costs.