Sec. 96.402. PAYMENT OF INSURED DEPOSIT LIABILITIES BY FDIC. If the Federal Deposit Insurance Corporation pays the insured deposit liabilities of a savings bank that has been closed or is being liquidated under this chapter, regardless of whether the Federal Deposit Insurance Corporation has become receiver or liquidating agent, the Federal Deposit Insurance Corporation is subrogated, to the extent of the payment, to all rights that the owners of the deposit accounts have against the savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 96 - Supervision and Regulation
Subchapter I. Miscellaneous Provisions
Section 96.401. Derivative Suit
Section 96.402. Payment of Insured Deposit Liabilities by Fdic
Section 96.404. Interest in Savings Bank Prohibited for Department
Section 96.405. Permitted Transactions for Department Relating to Savings Bank